Trade Balance Turns Surplus After Three Months... February Exports Up 20.6% (Update)
[Asia Economy Sejong=Reporter Dongwoo Lee] South Korea's trade balance turned to a surplus for the first time in three months. The significant increase in exports of semiconductors, petroleum products, and others led the shift to surplus.
According to the "February 2022 Export-Import Trends" announced by the Ministry of Trade, Industry and Energy on the 1st, South Korea's exports last month recorded $53.91 billion, up 20.6% compared to the same month last year. Imports during the same period increased by 25.1% to $53.07 billion. Last month, the trade balance turned to a surplus of $840 million, escaping from a trade deficit.
February imports reached a record high due to the sharp rise in energy prices, but exports achieved a monthly record daily average of $2.696 billion, driving the improvement in the trade balance. Despite unfavorable domestic and international conditions such as the spread of Omicron, rising raw material prices, and the Ukraine crisis, the trade balance improved significantly compared to January.
February exports achieved the highest February record ever, marking 16 consecutive months of growth. The double-digit export growth rate also continued for 12 consecutive months.
The exports of 15 major items and 9 major regions generally showed an increasing trend, demonstrating growth without concentration on specific items or regions. In particular, IT items such as semiconductors, computers, displays, and home appliances, as well as steel, petrochemicals, petroleum products, and bio sectors, increased significantly, leading the export growth trend.
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By region, the four major markets?China, the United States, the European Union (EU), and Asia?ranked first among all Februaries on record, and emerging markets such as Latin America and India also increased, resulting in 11 consecutive months of growth across all 9 major regions.
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