South Korea’s early exports show resilience despite Iran turmoil

South Korea's export growth maintained momentum in early March, signalling resilient demand even as surging energy prices and renewed trade uncertainty cloud the outlook for global demand. Exports adjusted for working-day differences climbed 40.4 per cent from a year earlier in the first 20 days of March. Semiconductors continued to drive shipments, soaring nearly 164 per cent. However, risks are growing as a surge in global crude oil prices linked to the Iran conflict is raising raw materials costs and worsening shipping conditions. The Bank of Korea is expected to adopt a more hawkish stance, with potential rate hikes in July and October to combat inflation risks.