Export spring breeze… $44.8 billion, up 9.5% last month

Working days increase for at least 4 consecutive months
$2.3 billion a day, record high as of February
Diagnostic kit for semiconductor-car twins
Last month, exports increased by 9.5% from a year ago, the largest in 9 years as of February. The average daily export value ($2.3 billion) was also the largest ever as of February. It is evaluated that exports to Korea have entered a full recovery trend.

The Ministry of Trade, Industry and Energy announced on the 1st that the export value in February was 4,810 billion dollars, an increase of 9.5% compared to the same period last year. As of February, it is the highest since 2012 ($46.62 billion). Including the Lunar New Year holiday, although the number of working days was three days less than last year, the trend continued for four consecutive months. The average daily export value increased 26.4% to $2.3 billion, the highest growth rate in 40 months. The Ministry of Industry explained that “the first increase in total exports and average daily exports for four consecutive months since 2017-2018 during the export boom period”.

Of the 15 flagship items, 11 exports increased from a year ago. Semiconductor exports ($8.37 billion) rose 13.2%, up for the eighth consecutive month. Automobile exports rose 47%, showing an increase of 40% for two consecutive months. Thanks to the rapid increase in exports of new coronavirus infection (Corona 19) diagnostic kits, biohealth exports surged 62.5% from a year ago. As international oil prices rise, exports of petrochemicals (22.4%) and petroleum products (-15.2%) are also improving.

Last month, exports from all three major markets: China (26.5%), the United States (7.9%), and the European Union (48.2%) increased. In particular, exports to China showed an increase of 20% for two consecutive months this year due to an increase in demand for petrochemical and petroleum products amid the economic recovery. Exports to the United States ($6.4 billion) exceeded $6 billion for the first time as of February. It is predicted that exports will continue to boom for the time being as the growth of new items such as biohealth and the sales of flagship items such as semiconductors and automobiles continue. Minister of Industry Sung Yun-mo said, “Although expectations for the recovery of the global economy and trade are growing, there is also uncertainty about changes in the trade environment, such as the prolonged Corona 19 and the spread of protectionism.” Sejong = Reporter Joo Aejin [email protected]Go to reporter page>