February 44.81 billion… 4 consecutive months increase
Average daily export value of 2.3 billion yen,’the largest ever’
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Last month, Korea’s exports increased 9.5% from a year ago, continuing an increase for 4 consecutive months. The average daily export value was the highest in February. However, there is also an analysis that the increase in exports concentrated on some items such as semiconductors and automobiles and the underlying effects of the spread of the novel coronavirus infection (Corona 19) at the beginning of last year worked.
The Ministry of Trade, Industry and Energy announced on the 1st that last month, exports amounted to 44.81 billion dollars (about 505 trillion won), an increase of 9.5% compared to the same month last year. This year, with the Lunar New Year holiday in February, the number of working days was three less than last year, but total exports increased for four consecutive months. The average daily export value was $2,298 million, an increase of 26.4% from the same month last year. It is the highest average daily export value in February and the highest in 40 months.
Of the 15 export flagship items, 11 were positive. Semiconductor exports rose 13.2% year-on-year to $8.37 billion, an increase for the eighth consecutive month. As demand for data centers and mobiles continued to stabilize and DRAM unit prices rose, semiconductor exports ranked second in February. Automobile exports increased by 47%, showing an increase of more than 40% for the second consecutive month. Petrochemical exports increased 22.4%, recording the largest growth rate since October 2018, but it is analyzed that this is a reflection effect of rising international oil prices. In-gyo Jeong, professor of international commerce at Inha University, said, “As oil prices were low around the world last year, the increase in oil prices could drive the increase in exports even if the export volume of petrochemicals was the same. The possibility of increase in exports due to the rise is limited.”
By region, exports to the three major markets, China (26.5%), the United States (7.9%), and the European Union (48.2%), all increased for the fourth consecutive month. Exports to China increased to 20% for the second consecutive month, and exports to the US surpassed $6 billion for the first time in February, reaching a record high in February. Last month’s income increased by 13.9% to $42.1 billion. The trade balance was $2.71 billion, which was in the black for 10 consecutive months.
Kang In-soo, a professor of economics at Sookmyung Women’s University, said, “As the corona19 vaccine has begun to spread, economic activity has resumed abroad and consumption is reviving. The trend will continue for the time being.”
/ Sejong = Reporter Park Hyo-jung [email protected]
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