Korea: Export growth picks up in February
March 15, 2012
In February, exports rebounded to a 20.6% expansion over the same month last year to USD 46.4 billion, according to data released by the Korea Customs Service (KCS). The reading contrasted the 7.3% contraction recorded in January and marked the strongest expansion since August 2011. According to the Ministry of Knowledge Economy (MKE), exports of petroleum products, machinery and automobiles registered the strongest gains over the same month last year. However, wireless communication devices contracted sharply over the previous year. Imports increased 3.3% year-on-year in February, which contrasted the 4.5% drop in January, and reached USD 44.9 billion. As result of the strong pick-up in exports, the trade balance swung from a USD 2.2 billion deficit in January to a USD 1.5 billion surplus in February.