S. Korea's exports from March 1 to 10 surge 25.2%

South Korea exported goods worth US$16.3 billion in the March 1-10 period, jumping 25.2 percent from the $13 billion last year, mainly due to shipments of chips, according to the data from the Korea Customs Service.

However, imports jumped 31.4 percent to $17.4 billion, resulting in a $1.1 billion trade deficit.

Exports of semiconductors soared 25.2 percent to lead the export gains among products.

Petrochemical products accounted for a 28.1 percent increase, automobiles by 22.8 percent, vehicle components by 15.5 percent, and mobile devices 8.0 percent.

By destination, exports to China increased the most at 33.9 percent, with those to the US gaining 21.9 percent. Shipments to the two countries represent roughly 40 percent of the total.

Shipments to the European Union member increased 49 percent, and those to Vietnam went up 7.5 percent.

However, exports to the Middle East dropped 13.6 percent.

Exports this year through Wednesday reached $109 billion, surging 12.5 percent on-year.

South Korea's exports last year came to $512.8 billion, down 5.4 percent from 2019. The central bank forecast this year's exports to grow 7.1 percent.