Last Month's Export Value Increased by 9.5% to $44.81 Billion
Strong Performance in Key Items Such as Semiconductors, Cars, and Biohealth... Exports to China, the US, and the EU Also Increased for Four Consecutive Months
[Sejong=Asia Economy Reporter Kwon Haeyoung] In February this year, South Korea's exports increased by 9.5% compared to a year ago, driven by strong performance in key items such as semiconductors, automobiles, and biohealth. With exports continuing to rise for four consecutive months, it is evaluated that the recovery phase has officially begun. The average daily export amount was the highest ever recorded for February.
The Ministry of Trade, Industry and Energy announced on the 1st that last month's export amount was $44.81 billion, up 9.5% from the same period 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 ever, following 2012.
The average daily export amount increased by 26.4% compared to the same period last year to $2.298 billion, marking the largest increase in 40 months. It ranked first among all Februaries on record.
Korea's exports had continued to 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 by 7.6% in September due to an increase in working days, but fell again by 3.9% in October due to the Chuseok holiday, then rose by 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 is the first time since December 2017 to March 2018 that both total exports and average daily exports have increased simultaneously for four consecutive months.
Among the 15 major export items, 11 increased, driving the overall export performance. More than 10 items have increased for four consecutive months.
Semiconductor exports rose 13.2% to $8.37 billion, marking eight consecutive months of growth and ranking second among all Februaries on record. Automobile exports increased by 47%, recording over 40% growth for two consecutive months for the first time in 10 years and 6 months. Petrochemicals (22.4%), biohealth (62.5%), and display (19.1%) items also showed increased exports, demonstrating a strong trend.
By region, exports increased for four consecutive months in the three major markets: China (26.5%), the United States (7.9%), and the European Union (EU, 48.2%). Exports to China rose by over 20% for two consecutive months, and exports to the EU recorded the highest growth rate in 46 months, driven by strong performance in shipbuilding, automobiles, and biohealth items.
Last month's import amount was $42.15 billion, up 13.9% from the same period last year, and the trade balance, which represents the difference between exports and imports, recorded a surplus of $2.77 billion, continuing a surplus for 10 consecutive months.
Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy stated, "We will discover and support strategic items that will lead the future of our exports and innovate support systems such as trade systems, export finance, and market development to suit the new trade environment. We will ensure that our exports can enter a sustainable growth trajectory."
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