SEOUL, May 04 (AJP) - South Korea's online shopping transactions hit an all-time monthly high in March as travelers booked spring holidays despite soaring fuel costs driven by the Middle East conflict.
Data from Statistics Korea showed monthly transactions reached 25.6 trillion won, marking the first time the figure has surpassed 25 trillion won since tracking began in 2017. Total volume grew 13.3 percent compared to the same period last year.
Travel and transport services served as the primary engine for growth, surging 21.7 percent to 3.3 trillion won. Surge comes as South Koreans prepare for the peak travel window in May, which includes major public holidays for Children's Day and Buddha's Birthday.
Demand for air travel has remained price-inelastic despite a sharp rise in jet fuel surcharges. Costs spiked following geopolitical volatility involving Iran, which heightened concerns over oil supply stability in the Persian Gulf.
South Korean carriers adjust international fuel surcharges monthly based on the Mean of Platts Singapore (MOPS) benchmark. Recent regional instability pushed these surcharges higher, but travelers have opted to secure tickets early to hedge against further price increases.
Total online transactions for the first quarter of the year reached 72.2 trillion won, up 9.2 percent from 2023. Beyond travel, the sector saw significant gains in automotive supplies and telecommunications equipment.
Overseas direct sales also expanded 24.4 percent to 1.1 trillion won in the first quarter. Cosmetics and K-pop-related merchandise, including albums and video content, drove the bulk of international demand.
China remained the largest partner for cross-border e-commerce. Online purchases by South Koreans from Chinese platforms totaled 1.2 trillion won during first three months of year.
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