Synopsis
South Korea's exports increased by 1% in February, reaching $52.6 billion, driven by strong sales of automobiles and computers. Imports rose slightly, resulting in a trade surplus of $4.3 billion. The surge in hybrid car and SSD exports highlights the resilience of South Korea's trade amidst global uncertainties.Key Takeaways
- Exports rebounded by 1% to $52.6 billion.
- Automobile exports jumped 17.8%, ending a three-month decline.
- Hybrid car sales soared by 74.3%.
- Computer exports grew by 28.5%, marking 14 months of growth.
- Trade surplus reached $4.3 billion.
Seoul, March 1 (NationPress) South Korea's exports rose by 1 percent last month compared to the same period last year, marking a recovery from a decline in January. This growth is attributed to increased international sales of computers and automobiles, as reported on Saturday. Outbound shipments totaled $52.6 billion last month, up from $52.1 billion a year prior, according to statistics released by the Ministry of Trade, Industry and Energy.
Imports also saw a slight increase of 0.2 percent year-on-year, amounting to $48.3 billion, leading to a trade surplus of $4.3 billion, as per Yonhap news agency.
After a dip in January attributed to fewer business days, exports bounced back in February.
The ministry noted that the growth in exports was largely due to the strong performance of automobiles and computers, which includes solid-state drives (SSDs).
Automobile exports surged by 17.8 percent year-on-year, reaching $6.1 billion last month, breaking a three-month decline.
Notably, sales of hybrid vehicles soared by 74.3 percent to $1.3 billion.
Computer exports, including SSDs, climbed 28.5 percent to $800 million, marking the 14th consecutive month of growth, while wireless communication equipment exports jumped 42.3 percent to $1.5 billion.
Bio-health exports also rose by 16.1 percent to $1.4 billion, with biopharmaceutical sales increasing by 45.5 percent.
However, outbound shipments of chips declined by 3 percent to $9.6 billion last month, impacted by a significant drop in memory chip prices.
Exports of petroleum products fell by 12.2 percent to $3.9 billion due to lower gasoline and diesel prices.
Shipments of ships and rechargeable batteries also saw declines of 10.8 percent and 9.6 percent to $1.6 billion and $630 million, respectively.
Regionally, exports to China decreased by 1.4 percent to $9.5 billion last month because of weak chip sales, while exports to the United States increased by 1 percent to $9.9 billion, driven by strong demand for chips and computers.
Outbound shipments to the Association of Southeast Asian Nations (ASEAN) rose by 12.6 percent to $9.6 billion, achieving the second largest export volume for any February.
Exports to India grew by 18.6 percent to a record $1.7 billion for February, and shipments to the Middle East climbed 19.6 percent to $1.7 billion.
In contrast, exports to the European Union fell by 8.1 percent to $5.2 billion.
"While exports faced challenges in January, they recovered in February, resulting in a trade surplus," said Industry Minister Ahn Duk-geun, emphasizing that South Korea's exports demonstrate strong competitiveness despite global uncertainties exacerbated by U.S. protectionist trade policies.
