South Korea’s exports grew by 9.5 percent on year in February, extending the winning streak for the fourth consecutive month thanks to strong demand for mainstay export items like automobiles and semiconductors.
According to the Ministry of Trade, Industry and Energy on Monday, the country’s exports totaled $44.81 billion in February, up 9.5 percent from a year ago.
Exports have been in growth after returning to a 3.9 percent rise in November and then recorded double-digit growth of 12.4 percent in December and 11.4 percent in January.
Daily exports averaged $2.3 billion, surging 26.4 percent on year despite three days shorter working days. It marked the largest for the month.
The last time both monthly and daily exports grew for the fourth straight month was March 2018.
Of all 15 mainstay export items, 11 saw a rise in exports on year.
Exports of semiconductors gained 13.2 percent to $8.37 billion, extending gains for eight months in a row. Automobile exports expanded 47 percent, bio-health 62.5 percent, display 19.1 percent, and petrochemicals 22.4 percent.
Shipments to China added 26.5 percent, the United States 7.9 percent, the European Union 48.2 percent.
Imports in February were also up 13.9 percent on year at $42.11 billion, resulting in a trade surplus of $2.71 billion. The February figure marked the 10th straight month of surplus.
By Lee Ha-yeon
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]