Year on year growth of exports in the first quarter

South Korea’s exports reached 146.5 billion US dollars in the first quarter of this year, up 12.5% year-on-year, a record high in the same quarter over the years, according to statistics released by the South Korea Customs Department on the 15th.

Year on year growth of exports in the first quarter

Specifically, the exports of Semiconductors (13.4%), passenger cars (32.4%), ships (29.8%), wireless communication equipment (30.1%), precision instruments (20.9%) and drugs (70%) all increased significantly. The exports of these products have approached or exceeded the first quarter of 2019 before the outbreak. However, the export of petrochemical products fell by 17.1% year-on-year, with a sharp drop of 26.8% compared with that in 2019.

 

According to the analysis of South Korea’s customs department, the main reason for the five month increase in exports from November last year to March this year is that the epidemic has changed people’s lifestyle and consumption habits, resulting in new demand.