Korea: Exports continue to boom but trade surplus narrows in February
March 15, 2011
In February, exports rose a robust 16.9% over the same month the previous year to reach USD 38.6 billion, according to data released by the Korea Customs Services (KCS). The figure came in below the buoyant 45.4% January print, which had marked the strongest expansion since February 2010. The reading confirmed the strength of the external sector, with exports expanding at a double-digit rate for the 16th consecutive month. According to the Ministry of Knowledge Economy (MKE), the February result reflected a strong increase in exports of petroleum products, which surged 61.0% over the previous year. In addition, automobile parts exports jumped 41.1%. Imports increased 16.4% year-on-year in February, down from January's 32.4% annual increase, reaching USD 36.1 billion. As import growth moderated less than export growth, the trade surplus narrowed from USD 2.9 billion in January to USD 2.5 billion in February.
Author: Armando Ciccarelli, Head of Data Solutions