SEOUL (Reuters) – South Korean exports expanded for the fourth straight month in February on continued growth in memory and car chip sales, supporting the trade-led recovery in the fourth largest economy Asia.
Exports jumped 9.5% from a year earlier to $ 44.81 billion in February, government data on Monday showed slower 11.4% growth in January but matched the 9.5% uptrend by 12 economists in a Reuters survey.
Average daily exports, however, exceeded 26.4% year-on-year, the worst rate in more than three years, when it reversed the impact of a three-day decline in working days because of the country’s New Year’s holidays.
South Korea’s monthly trade data, the first to be released among major export economies, is considered a bellwether for global trade.
Ships of semiconductors, the country’s main exporter, jumped 13.2% year-over-year and for the eighth consecutive month, while those of automobiles, petrochemicals and biosecurity products rose 47%, 22.4% and 62.5%, respectively. separately.
Of the country’s top 15 exports, shipments of 11 items increased last month.
By destination, those to China, the United States and the European Union rose 26.5%, 7.9% and 48.2% respectively.
At the same time, data also showed that imports grew 13.9% to $ 42.11 billion, beating forecasts for a 12.3% jump.
Trade surplus traveled to $ 2.71 billion from $ 3.76 billion a month ago.
South Korean financial markets are closed on Monday due to public holidays and will begin trading on Tuesday.
Reciting with Joori Roh; Edited by Sam Holmes