Recorded $44.8 billion last month
9.5% from last year, 4th month increase
Last month, exports to Korea increased by 9.5% from a year ago, and continued to increase for four consecutive months. The average daily export value was the highest in February.
The Ministry of Trade, Industry and Energy announced in February that exports recorded 44.8 billion dollars, an increase of 9.5% compared to the same period last year.
Even though the number of working days was three days less than in February last year, total exports were positive for four consecutive months. The monthly export growth rate returned from -3.9% in October last year to 3.9% in November, followed by 12.4% in December and 11.4% in January this year.
The average daily exports, taking into account the number of working days, increased 26.4% to $2.3 billion, the largest increase in 40 months since October 2017. The average daily export value was the first in February.
Last month, 11 of the 15 major items increased, driving exports. Semiconductor exports rose 13.2% to $8.37 billion, an eighth consecutive month increase. Semiconductor exports were the second largest in February. Automobiles (47.0%) showed a high growth rate of more than 40% for two consecutive months in 10 years and 6 months.
Petrochemical (22.4%) products also improved their performance thanks to rising oil prices and global demand, and petroleum products (-15.2%), which had declined in the 30-60% range since April last year, also saw a sharp decline in exports. IT items such as biohealth (62.5%) and displays (19.1%) such as diagnostic kits also increased by double digits, contributing to total exports.
By region, exports to the three major markets, including China (26.5%), the United States (7.9%), and the EU (48.2%), increased for four consecutive months. In particular, exports to China increased by 20% for the second consecutive month.
Last month’s income increased by 13.9% to $42.1 billion. The trade balance was $2.71 billion, a surplus for 10 consecutive months.
/yunhap news
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