South Korea Trade Surplus Widens in February

South Korea posted a $2.06 billion trade surplus for the 13th straight month in February. Exports were down 8.6 percent to $42.32 billion year-on-year due to the Lunar New Year holiday and imports fell by a wider margin of 10.7 percent to $40.26 billion.

Exports fell 8.6 percent year on year to $42.3 billion, but the average value of total exports per day rose 2.5 percent to $2.1 billion. While outbound shipments of wireless communications devices and petrochemicals posted robust performances, exports of ships and steel remained sluggish. The double-digit growth in wireless communications devices was thanks to the rapidly expanding global Long Term Evolution (LTE) market and growing sales of major smartphone models. Exports of ships and steel continued to decline amid generally downward trends in major trading partners. With the exception of the ASEAN region, most key trading partners showed negative growth. 

Imports, meanwhile, declined 10.7 percent from a year earlier to $40.3 billion. The average value of all imports per day grew 0.2 percent to $2.0 billion. As demand for coal and crude oil weakened, inbound shipments of raw materials fell 7.4 percent. Imports of capital goods and consumers goods also showed a downward trend. Imports from most key trading partners including the United States and Japan declined.

Ministry of Knowledge Economy | Joana Taborda |
3/7/2013 6:48:40 PM