South Korea’s exports rose 20.6% in February, marking the first trade surplus in three months.
According to South Korea’s Ministry of Trade, Industry, and Energy, South Korean exports rose 20.6% year-on-year in February. Exports of chips, automobiles, and other key goods rose sharply in the wake of the global economic recovery.
Export sales reached $53.9 billion in February, up from $44.7 billion in the same month a year earlier. This is the highest figure since data collection began in 1956, and the first time South Korea’s exports exceeded $50 billion in February.
Meanwhile, imports increased by 25.1% to $53.07 billion in February. This was mainly due to rising global energy prices.
Despite even higher imports, South Korea recorded a trade surplus of $840 million in February, offsetting the trade deficit of the previous two months.