Roundup: S. Korea's trade surplus hits new high on imports steeper fall

Exports in South Korea fell for three straight months in March, but the trade surplus hit a new monthly high due to faster reduction in imports than exports, a government report showed Wednesday.

Exports, which account for about half of the economy, declined 4.2 percent from a year earlier to 46.99 billion U.S. dollars in March, according to the Ministry of Trade, industry and Energy.

Imports tumbled 15.3 percent from a year earlier to 38.6 billion dollars in March.

Helped by steeper fall in imports than exports, trade surplus reached a record monthly high of 8.39 billion dollars in March. The trade balance stayed in the black for 38 straight months.

The export fall became faster by recording a 0.4 percent fall in January and a 3.4 percent decline in February due to lower oil prices, which reduced export prices in oil and petrochemical products.

Excluding oil and petrochemical products, the March exports inched up 0.2 percent on a yearly basis, the ministry said. In terms of volume, the March exports jumped 6.4 percent.

Exports in oil and petrochemical products plunged 32.5 percent and 16.1 percent each in March from a year ago, but those for computers surged 44.8 percent last month.

Shipments of ships and semiconductors gained 13.6 percent and 3. 4 percent respectively, but those for consumer electronics and display panels declined 17.2 percent and 13.5 percent respectively.

Exports of telecommunication devices, the country's major export item including smartphones, sank 10 percent in March, with those for cars, textiles and steel products falling 6.7 percent, 7. 1 percent and 4.3 percent respectively.

By region, exports to the United States jumped 17 percent in March from a year earlier. Those to the Latin American nations increased 14.2 percent, but shipments to China, South Korea's largest trading partner, declined 2.4 percent.

Exports to Japan and the EU sank 23 percent and 9.7 percent each last month, with those to Russia plunging 57 percent on the back of the European country's economic crisis.

Imports posted a double-digit decline in March due to lower prices of raw materials. Crude oil imports plunged 43.9 percent last month, and those for oil products, natural gas and steels tumbled 48.8 percent, 41.5 percent and 15.8 percent respectively.

Imports of semiconductor equipments and auto parts jumped 37.6 percent and 5.7 percent respectively, heralding a stronger industrial activity in those sectors. Endi