South Korea’s Exports Increase 9.5% in Feb. YoY

The Ministry of Trade, Industry and Energy announced on March 1 that South Korea’s exports increased 9.5 percent year on year to US$44.81 billion last month. The monthly exports increased for the fourth consecutive month. Last month, South Korea’s average daily exports increased 26.4 percent to US$2.3 billion with the highest rate of increase in 40 months.

Petrochemical product exports increased 22.4 percent based on an increase in global demand and a rise in oil price. Petroleum product exports fell 15.2 percent from a year ago after having dropped 30 percent to 60 percent for about a year. Biotech and healthcare product exports jumped 62.5 percent and display exports increased 19.1 percent.

Last month, South Korea’s exports to China, the United States and the European Union increased 26.5 percent, 7.9 percent and 48.2 percent, respectively. Those increased for the fourth consecutive month without exception and the exports to China increased more than 20 percent for the second consecutive month.

South Korea’s imports totaled US$42.11 billion, up 13.9 percent from a year earlier, in February this year. Its trade surplus continued for 10 months.