Average daily exports $2.3 billion… Best of all time in February
Main items such as semiconductors and automobiles still dominate
New growth items such as biohealth are also showing strength
Korea’s exports also increased by 9.5% last month and continued to increase for four consecutive months.
While flagship items such as semiconductors and automobiles are still strong, new growth items such as bio health and secondary batteries are showing strong strength, leading exports. In particular, the average daily export, not counting the number of working days, increased by more than 20% from last year, reaching the highest level in 40 months. An analysis says that the new coronavirus infection (Corona 19) is gradually getting away from the bad news.
The Ministry of Trade, Industry and Energy announced on the 1st that in February this year, exports increased by 9.5% compared to the same period last year to record $44.8 billion. This is the largest export in February after 9 years since February 2012 ($4.32 billion).
This February, due to the Lunar New Year holidays, had three fewer working days than last February, but total exports increased. As a result, the daily average export also increased significantly to $2.3 billion, an increase of 26.4% compared to the same period last year, the largest of the average daily exports in February. The growth rate (26.4%) was the largest in 40 months since October 2017.
Korea’s export performance, which fell sharply in the aftermath of Corona 19 at the beginning of last year, has been continuing a positive trend since the second half of last year.
By item, 11 of the 15 major export items increased. Of these, 10 items are positive for 4 consecutive months. BioHealth recorded the largest growth rate of 62.5% compared to the same period last year. Next, automobiles (47.0%), petrochemicals (22.4%), displays (19.1%), home appliances (13.3%), semiconductors (13.2%), wireless communication devices (10.3%), secondary batteries (10.1%), car parts ( 8.9%), ships (4.0%), and steel (3.8%). In particular, biohealth exports are increasing for 18 consecutive months, and semiconductors (8 months), home appliances (8 months), secondary batteries (6 months), displays (5 months), ships (4 months), wireless communication devices (4 months), Vehicle parts (4 months) also increased by more than 3 months.
The growth of six new growth items, including bio-health and rechargeable batteries, which broke the annual export record last year, is also continuing. In the case of electric vehicles, exports surged 102.5%, and cosmetics (18.3%), system semiconductors (13.2%), and agricultural and fishery foods (5.5%) are also growing rapidly.
On the other hand, four items, including textiles (-23.7%), petroleum products (-15.2%), general machinery (-5.6%), and computers (-4.1%), declined. However, in the case of petroleum products, the rate of decline has declined by around 30-60% since April of last year, when the effect of Corona 19 in earnest, but the decline has slowed significantly due to the influence of rising international oil prices.
By region, exports to the three major markets, China (26.5%), the United States (7.9%), and the EU (48.2%), all increased for the fourth consecutive month. Exports to China increased by 20% for the second consecutive month, and exports to the EU recorded the highest growth rate in 46 months due to the propaganda of ships, automobiles, and biohealth.
Korea’s export growth is expected to continue for the time being. In addition to the base effect from the decline in exports last year, expectations for economic recovery, stimulus measures, and trade environment improvement in countries around the world are working, as well as the supply of the Corona 19 vaccine.
Minister of Industry Sung Yun-mo said, “Although expectations for the global economy and trade recovery are growing, there is also uncertainty about changes in the trade environment, such as the prolonged Corona 19 and the spread of protectionism.” “We will come up with export measures.”
Reporter Jungwoo Lee [email protected]
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