S. Korea's exports up 16.6% to $53.8 billion in March

South Korea's exports advanced 16.6 percent to $53.8 billion in March from $46.1 billion a year earlier, on the back of solid demand for chips and autos to extend their gains for the fifth consecutive month.

Imports jumped 18.8 percent to $49.6 billion, resulting in a trade surplus of $4.17 billion, marking the 11th consecutive month for South Korea to post a trade surplus.

The country's March exports were expected by Yonhap Infomax, the financial arm of Yonhap News Agency, to rise 18.3 percent on-year.

The growth, the highest in history for any March, was largely led by exports of chips, which increased 8.6 percent to reach $9.51 billion, the highest reading in 28 months.

Chips accounted for roughly 18 percent of the monthly exports.

Global data centers have been expanding their servers, with the average price of chips gathering ground on supply shortages. The booming global foundry industry also boosted demand for South Korea's exports.

Automobile exports soared 15.3 percent to hit $4.4 billion, the highest in over four years, on robust demand for premium models including sports utility vehicles and electric cars. It was the third month that auto exports were able to extend gains.

Meanwhile, rechargeable battery shipments rose 23.5 percent while petroleum products exports reported their first growth in over two years, advancing 18.3 percent to $2.7 billion.

Ship exports surged a whopping 63.9 percent to $2.3 billion as exports of biohealth products grew 43.6 percent on high demand for COVID-19 test kits.

Exports to China, the top trading partner, soared 26 percent on a base effect. Shipments to the US advanced 9.2 percent, with auto parts shipments gathering ground.

Exports to the EU gained 36.6 percent on brisk demand for COVID-19 test kits and eco-friendly cars, and those to Southeast Asia jumped 10.8 percent.