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S. Korea made a surplus in export in February
South Korea saw a US$ 2.2 billion trade surplus for February after recording figures in the red the previous month.
Exports in February rose 22.7 percent on-month to $ 47.2 billion, while imports climbed 23.6 percent to $ 45.0 billion, generating a $ 2.2 billion trade surplus, noted the Ministry of Knowledge Economy(MKE).
The trade account saw its first figures in the red in 24 months in January when it posted a $ 2.0 billion trade deficit. However, February’s surplus compensated for the slowdown in January as the combined trade balance of January and February yielded a surplus of $ 165 million.
Korean exports made a brisk drive in both advanced and emerging markets, with highest growth witnessed in exports targeting the United States (64.5 percent) and the EU(30.4 percent).
The ministry attributed this steep growth in exports to the United States to the sturdy across-the-board performance in auto, steel, and textiles, as well as the one-time spike brought by shipbuilding orders.
Total imports are backed by rising prices of core raw materials such as crude oil and gas, greater import volume, and increase in capital goods.
Raw material imports increased at a rate of 24.7 percent while capital goods rose 27.6 percent on greater demand for mechanical equipment for semiconductors and aircraft. The influx of consumer goods slowed slightly to 9.1 percent.
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