[비즈니스포스트] Exports continued to rise for five consecutive months. Semiconductor exports showed the highest growth rate in 76 months.
According to the ‘Export and Import Trends for February 2024’ published by the Ministry of Trade, Industry and Energy on the 1st, exports in February were $52.41 billion and imports were $48.11 billion, resulting in a trade surplus of $4.29 billion.
▲ Exports continued to rise for five consecutive months. Semiconductor exports showed the biggest increase in 76 months. The photo shows Sinsondae Pier in Busan Port. <연합뉴스>
Although the number of working days decreased by 1.5 days due to the Lunar New Year holiday and the demand for imports from China decreased due to the Lunar New Year holiday, exports increased by 4.8% compared to February of the previous year, increasing for the fifth month consecutively.
Average daily exports ($2.56 billion), taking into account the number of operating days, recorded a double-digit increase of 12.5% compared to the same period last year and 12.2% compared to the previous month.
In February, exports of 6 out of 15 major export items increased.
Semiconductor exports (66.7%), our largest export item, recorded $9.9 billion. It continued to increase for four consecutive months, showing the highest increase since October 2017 (69.6%).
On the other hand, car exports decreased slightly (-7.8%) due to the Lunar New Year holiday and production line maintenance in some companies.
By region, exports to China showed a flat trend (-2.4%) compared to the same month last year due to the effect of the Lunar New Year, but average daily exports (USD 470 million) increased by 4.8%, continuing with r trend of improvement.
February imports fell 13.1% to $48.11 billion. Looking at the energy sector, imports of crude oil increased slightly (0.9%), but imports of gas (-48.6%) and coal (-17.3%), fell by a total of 21.2%.
Trade, Industry and Energy Minister Ahn Deok-geun said, “Our export achievements this year are as follows: more than 60% of semiconductors are positive, exports to the United States are at a record high in February, and the trade balance with China has turned into a surplus for the first time in 17 months, and the surplus has been maintained for 9 consecutive months.” “It’s a green light to reach the challenging export goal of $700 billion.”
Minister Ahn said, “The government will also provide full support so that exports, which are showing a clear rebound among the three pillars of our economy – consumption, investment and exports – can be the driving force behind our economic growth in the front.” Reporter Ryu Geun-young
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