Exports grow 10% in first 20 days of March

South Korea's exports rose 10.1 percent in the first 20 days of March from a year earlier on the back of demand for chips and petroleum products, customs data showed Monday.

The country's outbound shipments stood at $37.3 billion in the March 1-20 period, compared with $33.8 billion a year earlier, according to the data from the Korea Customs Service.

Imports gained 18.9 percent on-year to $39.3 billion, resulting in a trade deficit of $2.08 billion during the cited period, the data showed.

By sector, outbound shipments of memory chips, a key export item, rose 30.8 percent on-year.

Semiconductors accounted for about 20 percent of exports by South Korea, home to Samsung Electronics Co., the world's largest memory chip maker, and its smaller rival SK hynix Inc.

Exports of petroleum products soared 79 percent on-year as oil prices spiked amid the Ukraine crisis.

Russia's invasion of Ukraine has jacked up oil prices amid concerns about supply disruptions. South Korea heavily relies on imports for most of its energy needs.

Meanwhile, exports of autos fell 18.1 percent on-year, and those of auto parts declined 9.1 percent. Autos accounted for some 7 percent of South Korea's exports.

By country, shipments to China, South Korea's largest trading partner, rose 11.3 percent on-year, and those to the United States increased 6 percent.

Asia's fourth-largest economy is on a recovery path on the back of robust exports.

Exports, which account for half of the economy, rose 20.6 percent on-year in February, extending their gains to the 16th straight month.

The Bank of Korea forecast the South Korean economy will expand 3 percent this year after 4 percent growth last year. The finance ministry expects the Korean economy to grow 3.1 percent in 2022. (Yonhap)