Average daily exports in February record their highest ever for February

South Korean exports grow for the fourth consecutive month

The photo shows shipping containers at the port of Busan. (Hankyoreh photo archives)

South Korea’s average daily exports last month recorded their highest dollar value ever for a February. The trade balance also remained positive for a tenth straight month.

On March 1, the South Korean Ministry of Trade, Industry and Energy (MOTIE) released a report on February export trends. The findings showed exports totaling US$44.81 billion last month, representing a 9.5% increase from US$40.91 billion for the same month in 2020.

The numbers showed total exports increasing by nearly US$4 billion despite February 2021 being three working days shorter than February 2020 because of the Lunar New Year holiday. It was the second highest total on record for a February, exceeded only by the US$46.32 billion recorded in 2012.

The year-on-year increase in total export value has continued for the past four months.

Daily exports totaled US$2.3 billion in dollar value, an all-time high for the month of February. The new high in average daily exports comes 40 months after the record of US$2.28 billion was set in 2018. Last month, average daily exports also reached a historic high for a January.

Exports increased for 11 out of 15 leading export categories. The automobile sector saw a large increase of 47.0% compared to February 2020. It was the second month in a row that automobiles showed a more than 40% rate of increase year-on-year, following a jump of 40.3% in January.

The semiconductor sector also maintained double-digit growth for a sixth straight month at 13.2%. The biohealth sector continued its strong growth with an increase of 62.5% year-on-year, driven largely by COVID-19 diagnostic kits. Petrochemicals and petroleum products showed improved performance, thanks in part to rising oil prices and growing global demand.

For the three major markets of the US, China and the European Union (EU), export value was up for a fourth straight month. Exports to China, in particular, showed a more than 20% rate of increase for a second straight month, with much of the growth coming in petrochemicals and petroleum products. According to MOTIE, this marks the first time in 30 months since August 2018 that exports to China have risen by over 20% for two months in a row.

February exports to the US were valued at US$6.4 billion, their highest yet for that month. In the case of the EU, three-digit growth was recorded for exports in three areas: ships (863.5%), biohealth (347.3%) and automobiles (102.5%).

February imports were valued at US$42.11 billion, up 13.9% from the same month in 2020. The trade balance was calculated at US$2.7 billion. This marks the tenth straight month that the trade balance has been positive.

By Hong Seock-jae, staff reporter

Please direct comments or questions to [english@hani.co.kr]