Ministry of Trade Industry and Resources

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that in March 2026, Korea’s exports rose 48.3 percent year-on-year to USD 86.1 billion, while imports increased 13.2 percent to $60.4 billion, resulting in a $25.7 billion surplus.

Exports in March rose 48.3 percent to $86.1 billion despite the conflict in the Middle East, surpassing $80.0 billion for the first time. Average daily exports, adjusted for working days, increased 41.9 percent to $3.7 billion, also reaching a record high.

By product, exports increased in 10 of Korea’s 15 key export items. Semiconductor exports rose to $32.8 billion (up 151.4 percent), posting the highest monthly figure on record and topping $30.0 billion for the first time. Automobiles edged up to $6.4 billion (up 2.2 percent), as gains in eco-friendly vehicles offset the impact of some logistics disruptions linked to the conflict in the Middle East. Petroleum products rose to $5.1 billion (up 54.9 percent), while petrochemicals increased 5.8 percent. Computers rose to $3.4 billion (up 189.2 percent), reaching the highest level on record, and secondary battery exports increased to $0.9 billion (up 36.0 percent). Among items outside the 15 key export categories, electrical equipment, cosmetics, and agricultural and fisheries products also reached record highs for March.

By destination, exports increased in seven of Korea’s nine major markets. Exports to China rose 64.0 percent to $16.5 billion, extending their growth streak to five consecutive months. Exports to the United States rose to $16.3 billion (up 47.1 percent), led by semiconductors and computers. Exports to ASEAN increased to $13.8 billion (up 34.3 percent), while exports to the EU rose to $7.5 billion (up 19.3 percent). By contrast, exports to the Middle East fell 49.1 percent to $0.9 billion amid logistics disruptions linked to the conflict.

Imports rose 13.2 percent year-on-year to $60.4 billion. Energy imports edged down to $9.4 billion (down 7.0 percent), while non-energy imports rose 17.9 percent to $51.0 billion. Crude oil imports fell 5.0 percent to $6.0 billion, as supply disruptions from the closure of the Strait of Hormuz reduced import volumes, more than offsetting the rise in unit prices. Among non-energy imports, semiconductors rose to $8.6 billion (up 34.8 percent) and semiconductor equipment to $2.9 billion (up 4.4 percent).

The trade surplus in March reached $25.7 billion, up $21.0 billion from March 2025, marking the largest monthly surplus on record and extending Korea’s surplus streak to 14 consecutive months since February 2025.

Minister JK (Jung-Kwan) Kim stated, “Despite challenging external conditions, including the conflict in the Middle East and the spread of protectionism, exports in March surpassed $80 billion for the first time, led by semiconductors and by broad-based gains in other key export items and promising categories, including consumer goods.”

He noted that export uncertainty is rising as the conflict in the Middle East continues to push up oil prices and heighten supply chain risks. He added that the government will maintain a government-wide response system, closely monitor supply chains across energy, raw materials, and logistics, promptly implement stabilization measures, and help exporters address difficulties in marketing, logistics, and financing. It will also support diversification across export items and markets to sustain export momentum.