The largest in 9 years of total exports in February… Upward flow for 4 consecutive months
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(Seoul = Yonhap News) Reporter Boram Yoon = Korea’s exports laughed broadly with the highest performance in 9 years last month. It is analyzed that the trend has been increasing for 4 consecutive months, and that it has entered a full recovery phase.
◇ Average daily export growth rate recorded the highest in 40 months
Exports in February rose 9.5% from the same month last year to $4.81 billion, the highest in nine years since February 2012 ($46.62 billion).
Although the number of working days was 3 days shorter than in February last year, it recorded a positive. It has grown for 4 consecutive months, with 3.9% in November of last year, 12.4% in December, 11.4% in January this year, and 9.5% in February.
The average daily export value, taking into account the number of working days, increased 26.4% compared to the same period last year to $2.3 billion, the highest in February.
Daily average exports also showed a growth trend for 5 consecutive months. The growth rate last month (26.4%) was the largest in 40 months since October 2017.
This is the first time since December 2017-March 2018, when exports boomed, that both total and daily average exports increased simultaneously for four consecutive months.
Our exports have stepped back for two years in a row due to the aftermath of Corona 19 last year, but after a successful rebound in the second half of last year, they are continuing the positive trend that entered this year.
◇ 11 flagship items increased in the second month
This seems to be due to the base effect of the decline in exports last year, in addition to the global economic recovery and improvement of the trade environment.
In fact, the number of items that have grown positively among our 15 flagship items has been recording more than 10 in the fourth month.
In February, semiconductors (13.2%), automobiles (47.0%), petrochemicals (22.4%), auto parts (8.9%), steel (3.8%), ships (4.0%), wireless communication devices (10.3%), and displays (19.1%), home appliances (13.3%), biohealth (62.5%), and secondary batteries (10.1%), etc., increased exports of 11 items.
All of these items have been on the rise for the second month. In particular, bio health (18 months), semiconductors (8 months), home appliances (8 months), secondary batteries (6 months), displays (5 months), ships (4 months), wireless communication devices (4 months), car parts ( 4 months) increased for more than 3 consecutive months.
System semiconductor (13.2%), bio-health (62.5%), electric vehicle (102.5%), secondary battery (10.1%), agricultural and fishery food (5.5%), cosmetics (18.3%), which hit the highest annual export last year. The growth of items also continued.
On the other hand, four items, including petroleum products (-15.2%), general machinery (-5.6%), textiles (-23.7%), and computers (-4.1%), stepped back.
Petroleum products declined more slowly than in January (-45.4%) due to rising international oil prices, and computers declined in 17 months due to the lack of working days and the impact of the base effect.
[제작 이태호] Photo synthesis
◇Export recovery is likely to continue… Uncertainty in the trade environment remains
As expectations for the global economy and trade recovery grow, exports are expected to continue rising for the time being.
However, uncertainties about changes in the trade environment, such as the prolongation of Corona 19 and the spread of protectionism, are still not a reliable situation.
Trade experts predicted that the newly launched US Biden government at the’First FTA Strategic Forum’ held by the government recently will actively utilize trade relief measures to protect its own industries.
In particular, it is expected to implement trade policies to protect domestic jobs and improve competitiveness, with interest in digital commerce, labor, climate change and environment, supply chain, and technological competition.
In response to such changes in the trade environment, the government is planning to announce a comprehensive export support plan that encompasses the trade system, export financing, and market development in order to turn exports to an uptrend this year and recover $1 trillion in trade.
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2021/03/01 11:17 sent