According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in March this year the country's trade balance indicated a $2.33 billion surplus.
The country's total export value in March fell by 1.4 percent year on year, decreasing to $47.36 billion. Outbound shipments of automobiles were especially strong in March, increasing 35.1 percent year on year. South Korea's steel export value was $3.1 billion in the month in question, up 2.2 percent compared to March 2011.
South Korea's export value of ships in March fell by 27.6 percent year on year to $3.9 billion, while its general machinery exports reached a value of $4.2 billion, climbing by 3.3 percent year on year.
In the given month, exports to advanced nations such as the United States and Japan indicated an increase, as well as exports to emerging economies in the Middle East and the ASEAN region. However, the ongoing financial crisis in Europe depressed outbound shipments to the European Union. In addition, exports to the Chinese market showed slow growth.
Meanwhile, in March this year South Korea's imports fell 1.2 percent year on year, totaling $45.03 billion. Strong demand for major energy resources such as gas, petroleum products and coal pushed inbound shipments of raw materials up 3.5 percent year on year.