The Magazine for Asian Investors
The South Korean Customs Service reported today that South Korea recorded a trade surplus of $0.8 billion in February, following a trade deficit of $4.73 billion in January and $430 million in December. This was supported by faster export growth.
South Korea’s exports rose 20.6% year-on-year to $53.9 billion in February, following a 15.5% increase in the previous month, while imports rose 25.2% to $53.1 billion.
South Korea’s exports hit $50 billion for the 12th consecutive month as global demand for South Korean products recovers.
Meanwhile, semiconductor exports increased 23.4% year-on-year to $10.56 billion in February, and petroleum product exports rose 65.6% to $4.02 billion.
Exports of steel products, household appliances, and ships increased by double digits, but exports of monitors and mobile devices decreased by double digits.
Total imports of raw materials increased by 36.7% year-on-year in February.