SEOUL, Apr 16 (Xinhua): South Korea's trade balance stayed in the black for 74 months through March thanks to brisk exports coming from strong demand for locally-made semiconductors, customs data showed Monday. Final figure for trade surplus was 6.8 billion U.S. dollars in March, staying in the black since February 2012, according to the Korea Customs Service.
The longtime surplus was attributable to faster growth in exports than imports. Outbound shipments, which account for about half of the export-driven economy, gained 6.1 per cent over the year to 51.6 billion dollars in March, while imports rose 5.2 per cent to 44.8 billion dollars. Chip exports surged 43.9 per cent in March from a year earlier, leading last month's export expansion. Oil product shipments added 1.1 per cent, but those for automobile and ships declined 8.1 per cent and 30.9 per cent each. Export of telecommunication devices, such as smartphone, fell 9.2 per cent as local companies increased production in overseas factories.
Shipments to China, South Korea's biggest trading partner, advanced 16.6 per cent, but those to the United States, the No. 2 trading partner of South Korea, fell 1.0 per cent.
Crude oil imports rose 2.5 per cent, leading the overall import increase in raw materials. Imports for consumer and capital goods climbed 7.4 per cent and 4.2 per cent in March, respectively.
Meanwhile, foreign currency-denominated deposits in South Korea rose last month as companies were reluctant to sell U.S. dollars amid the greenback's weakness to the domestic currency, central bank data showed Monday.
Foreign currency deposits, owned by residents, came in at 81.33 billion U.S. dollars as of end-March, up 0.37 billion dollars from a month earlier, according to the Bank of Korea (BOK).
Residents refer to locals as well as foreign companies and individuals who stayed here for at least six months.
The U.S. dollar-denominated deposits increased 0.61 billion dollars over the month to 70.08 billion dollars as of the end of March as local exporters refrained from the dollar funds amid the local currency's ascent to the greenback.
The Japanese yen-denominated deposits reduced 0.42 billion dollars to 4.71 billion dollars on increased payment of corporate dividend and the maturing bonds.
The European currency deposits fell 0.21 billion dollars to 3.3 billion dollars as local importers paid price for imports.
Deposits denominated in other currencies, including the British pound and the Australian dollar, stood at 2.16 billion dollars as of end-March, up 0.37 billion dollars from a month ago.
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