Semiconductors Lift Exports… February Shipments Jump 29% to $67.5 Billion

Source

Korea Economic Daily

Summary

It said February exports rose 29% year on year to $67.45 billion, the highest February figure on record.
It said semiconductor exports jumped 160.8% to $25.16 billion, the highest monthly figure on record, extending a run of more than $20 billion for three straight months.
It said February imports increased 7.5% to $51.94 billion, while the trade balance posted a $15.51 billion surplus, setting a new monthly record and extending a 13-month surplus streak.

Forecast Trend Report by Period

South Korea’s exports in February rose 29%, buoyed by a semiconductor supercycle.

The Ministry of Trade, Industry and Energy on March 1 released February trade figures. Exports totaled $67.45 billion, up 29% from a year earlier.

Despite having three fewer working days than the same month last year due to the Lunar New Year holiday, February posted the best performance on record for the month.

Average daily exports, adjusted for working days, surged 49.3% to $3.55 billion, surpassing $3 billion for the first time ever.

The semiconductor boom played a key role in driving exports. February semiconductor exports soared 160.8% to $25.16 billion. It was the largest monthly figure on record across all periods, and marked the third consecutive month with exports topping $20 billion.

Imports in February increased 7.5% to $51.94 billion, while the trade balance posted a $15.51 billion surplus. The surplus set a new monthly record and marked the 13th consecutive month in the black.

Soo-young Kim, Hankyung.com reporter swimmingk@hankyung.com