Semiconductor, Auto, and Biohealth Boom... February Exports Up 9.5%, Rising for 4 Consecutive Months

February total exports reached $44.81 billion, ranking 2nd highest among all Februaries... Daily average exports hit $2.29 billion, ranking 1st

[Sejong=Asia Economy Reporter Kwon Haeyoung] In February this year, South Korea's exports increased by 9.5%, driven by strong performance in key items such as semiconductors, automobiles, and biohealth, continuing a positive streak for four consecutive months. The average daily export value was the highest ever recorded for February.

The Ministry of Trade, Industry and Energy announced on the 1st that last month's export value was $44.81 billion, up 9.5% compared to the same month last year. Although the number of working days was three fewer than in the same month last year, it was the second highest February performance on record. The average daily export value also ranked first among all Februaries at $2.298 billion.

Korea's exports had been in decline for 14 consecutive months from December 2018 to January last year, but rebounded in February after 15 months. However, due to COVID-19, exports decreased for six consecutive months from March to August. Afterwards, exports rebounded 7.6% in September due to an increase in working days, but fell 3.9% in October due to the Chuseok holiday, then rose 3.9% in November, followed by 12.4% in December, 11.4% in January this year, and 9.5% in February, marking four consecutive months of growth. This simultaneous increase in total exports and average daily exports for four consecutive months is the first since December 2017 to March 2018.

Among the 15 major export items, exports of 11 items increased, with more than 10 items increasing for four consecutive months. Semiconductor exports rose 13.2% to $8.37 billion, marking four consecutive months of growth and ranking second highest for February on record. Exports of automobiles (47%), petrochemicals (22.4%), biohealth (62.5%), and displays (19.1%) also increased.

By region, exports to the three major markets?China (26.5%), the United States (7.9%), and the European Union (EU, 48.2%)?all increased for four consecutive months. Exports to China rose over 20% for two consecutive months, and exports to the EU recorded the highest growth rate in 46 months, thanks to strong performance in shipbuilding, automobiles, and biohealth items.