February Exports Up 9.5%... Four Consecutive Months of Growth

On the 10th, one day before the Lunar New Year holiday, export and import containers are stacked at Pyeongtaek Port as seen from a Seoul Metropolitan Police Agency helicopter. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Song Seung-yoon] Last month, South Korea's exports increased by 9.5% compared to the previous year, marking the fourth consecutive month of growth.

The Ministry of Trade, Industry and Energy announced on the 1st that February exports reached $44.81 billion, a 9.5% increase compared to the same period last year. Considering the number of working days, the average daily export rose by 26.4% to $2.3 billion, showing the highest growth rate in 40 months since October 2017.

The monthly export growth rate turned positive from -3.8% in October last year to 4.0% in November, followed by 12.6% in December and 11.4% in January this year.

Last month's import value was recorded at $42.11 billion, a 13.9% increase. The trade balance posted a surplus of $2.71 billion, marking the tenth consecutive month of surplus.

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