South Korea’s exports in March extended a winning streak for the fifth consecutive month to record its best result since December 2014 thanks to brisk component and consumer product shipments.

The nation’s exports in March gained 13.7 percent on year to $48.9 billion, according to preliminary trade data from the Ministry of Trade, Industry and Energy on Sunday. Outbound shipments have kept up upward momentum since November, a trend last experienced in December 2011. Daily exports averaged $2.04 billion, jumping over the $2 billion thresholds for the first time 22 months.

Exports of organic light emitting diode (OLED) panels and cosmetics reached historic highs. Exports of semiconductors reached $7.5 billion due to demand for value-added high-capacity chips and recovery in prices.

Out of 13 mainstay export items, eight were up. Shipment of petrochemical products, petroleum products, general machinery, and automobiles improved while computer, auto parts, steel, home appliance, and mobile phones exports declined.

Shipment of consumer products like medicines, cosmetics, and household items and OLED displays and solid-state drive chips remained strong. Cosmetics exports reached $450 million, largest-ever monthly volume, due to strong demand from Southeast Asian countries and Japan. OLED display export hit $720 million.

Export to China increased for five straight months despite Beijing’s economic retaliation against Seoul’s deployment of U.S. antimissile system Terminal High Altitude Area Defense (THAAD). The export value in March jumped 12.1 percent from the same month last year, buoyed by semiconductor, petrochemical products, and general machinery.

Outbound shipment to Southeast Asian nations and India reached an all-time high of $8.45 billion and $1.37 billion, respectively. Exports to the United States fell 5.3 percent on year due to sluggish shipment in mobile phones and automobiles.

The sustainability in exports growth, however, remains uncertain as shipments are mostly led by selective items like memory chips.

Ministry officials said exports is expected to keep up growth pace in April.

By Ko Jae-man and Seok Min-soo

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]