The Ministry of Trade, Industry and Energy announced on the 1st that in February, exports increased by 9.5% from the same period of the previous year to $44.8 billion, recording a positive export for 4 consecutive months.
Imports were $42.1 billion, up 13.9% year-on-year, and the trade balance was $2.71 billion, recording a surplus for 10 consecutive months.
The Ministry of Commerce, Industry and Energy said that exports have been increasing for 4 consecutive months in 35 months since March 2018, and that the daily average exports have also been increasing for 5 consecutive months. In particular, the average daily export growth rate of 26.4% in February was the highest in 40 months.
In detail, exports of 11 out of 15 items, including semiconductors, automobiles, petrochemicals, and biohealth, increased.
In particular, it is said that the rapid growth of six promising items (system semiconductors, biohealth, electric vehicles, secondary batteries, agricultural and fishery foods, cosmetics), which broke the annual export value last year, continues this month as well.
Cosmetics showed the third highest total exports after electric vehicles and biohealth, and daily exports also showed the same increase.
By country, exports to the three major markets, including China, the United States, and the EU, all increased for four consecutive months, and it was found that they achieved record growth or exports.
Exports to China recorded an increase of 20% for the second consecutive month due to an increase in demand for petrochemical and petroleum products amid the economic recovery. The 20% increase for the second consecutive month is only 30 months since August 2018.
Exports to the US surpassed $6 billion for the first time in February, reaching the highest level of exports to the United States in February.
Exports to the EU increased the most in 46 months since April 2017 due to the propaganda of ships, biohealth and automobiles.
Meanwhile, February income also increased by double digits due to the increase in income related to investment and export activities.
Compared to the previous year, total imports increased by $5.13 billion, and by processing stage, the increase in imports of intermediate goods and capital goods accounted for 93% of the total increase in February.
An official from the Ministry of Commerce, Industry and Energy said, “All of the average daily exports and the average daily export growth rate increased this month, and the main products such as semiconductors and automobiles, which led the recent export recovery, are still doing well. The recovery of petrochemicals and petroleum products, which had been sluggish for a long time, is a positive sign of our exports in the future.”