SOUTH Korea’s exports hit an all-time monthly high last month thanks to strong demand for semiconductors and petroleum products, Seoul’s Trade Ministry said today.

The country is home to major technology firms including Samsung Electronics, the world’s leading smartphone maker, whose chips are used in a wide range of devices.

South Korea’s outbound shipments stood at US$63.48 billion (RM267.3 billion) for March 2022, up from US$53.69 billion a year earlier. 

The figures are “the highest tally since 1956, when trade statistics started to be collected”, the ministry said in a statement.

“Robust growth momentum continues with a double-digit growth for the 13th consecutive month”.

Exports of semiconductors and petrochemicals reached a new monthly peak of US$13.12 billion and US$5.42 billion respectively, according to ministry data.

Imports last month surged 27.9% on-year to US$63.62 billion, sending the country’s trade deficit to US$140 million.

In January, Seoul’s central bank said the country’s economy in 2021 grew at the fastest pace in 11 years thanks to robust exports and strong activity in the service sector. – AFP, April 1, 2022.