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South Korea’s exports in February jumped 20.2 percent from the same period a year ago, the fastest pace in five years, thanks to spike in shipments of its mainstay products such as semiconductors and petrochemical products.
According to data released by the Ministry of Trade, Industry and Energy on Wednesday, the nation’s exports gained 20.2 percent on year to $43.2 billion in February, recording a double-digit growth for the second straight month.
Won-denominated exports expanded 13.1 percent, showing a double-digit growth for the first time in five years.
The gain is mainly driven by brisk exports of the country’s mainstay items such as semiconductors, petrochemical products, steels, flat displays and cars. Exports of semiconductors surged 54.2 percent on year to $6.4 billion thanks to the rise in demand for mobile chips and solid-state drives (SSD).
Outbound shipments of petrochemical products reached $3.81 billion, the biggest figure since October 2014, due to the rising oil prices and expanded manufacturing capacity. Exports of cars rose 9.6 percent on year thanks to the increased shipments to the emerging markets.
Imports soared 23.3 percent on year to $36 billion in February. Trade surplus reached $7.2 billion.
By Seo Dong-cheol
Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.
Source: Pulse by Maeil Business News Korea (Mar. 1, 2017)