South Korea’s trade surplus hit its second highest on record in March after exports climbed 14%. That was the result of higher exports to Japan and ASEAN, and while shipment growth to China slowed they still improved by 12%. Shipbuilding exports climbed 14%, which may be unwelcome news for container-liners. A 42% jump in semiconductor sales bodes well for consumer electronics exports across Asia. A 6% decline in exports to the U.S. in March, a trade surplus that is now 25% below its peak and a strengthening won should reduce the risk of the South Korea being accused of currency manipulat...