Korea's exports rise to $52.6 billion in February, driven by autos and biotech
Korea's exports increased 1 percent last month from a year earlier, rebounding from a decrease the previous month, thanks to an increase in overseas sales of computers and automobiles, data showed Saturday.
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| Cars wait to be exported near a port in Pyeongtaek, Gyeonggi Province, Feb. 19.. (Source: Yonhap) |
Outbound shipments came to $52.6 billion last month, compared with $52.1 billion a year ago, according to data compiled by the Ministry of Trade, Industry and Energy.
Imports rose 0.2 percent year-on-year to $48.3 billion, resulting in a trade surplus of $4.3 billion.
Exports returned to growth just a month after they decreased in January due to the fewer number of business days.
The ministry said the rise in exports came on the back of the robust performance of automobiles and computers, which included solid-state drives (SSDs).
Automobile exports jumped 17.8 percent to $6.1 billion last month, snapping their three-month losing streak.
In particular, overseas sales of hybrid cars soared 74.3 percent to $1.3 billion.
Exports of computers, including SSDs, advanced 28.5 percent to $800 million to extend their year-on-year gains to a 14th consecutive month, and exports of wireless communication equipment surged 42.3 percent to $1.5 billion.
Bio-health exports climbed 16.1 percent to $1.4 billion, with biopharmaceutical sales, in particular, shooting up 45.5 percent.
Outbound shipments of chips, however, dropped 3 percent to $9.6 billion last month, due to a steep fall in the price of memory chips.
Exports of petroleum products decreased 12.2 percent to $3.9 billion due to a decline in gasoline and diesel prices.
Exports of ships and rechargeable batteries also dipped 10.8 percent and 9.6 percent to $1.6 billion and $630 million, respectively.
By destination, exports to China slipped 1.4 percent to $9.5 billion last month due to sluggish chip sales, while exports to the United States rose 1 percent to $9.9 billion, thanks to strong demand for chips and computers.
Outbound shipments to the Association of Southeast Asian Nations (ASEAN) gained 12.6 percent to $9.6 billion on the back of strong sales of chips and petroleum products, logging the second-largest export volume for any February.
Exports to India expanded 18.6 percent to a record $1.7 billion for February, and outbound shipments to the Middle East increased 19.6 percent to $1.7 billion.
Exports to the European Union shed 8.1 percent to $5.2 billion.
"Exports hit a bump in January but rebounded in February to log a trade surplus," Industry Minister Ahn Duk-geun said, adding Korea's exports are showing strong competitiveness despite heightened global uncertainties sparked by the U.S. government's protectionist trade policies.
(Source: koreatimes)
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