SEOUL, Mar 1 (NNN-YONHAP) – South Korea’s export fell for the fifth consecutive month in Feb, leading to a trade deficit continuing for the past year, government data showed today.
Export, which accounts for half of the export-driven economy, dipped 7.5 percent from a year earlier to 50.1 billion U.S. dollars in Feb, according to the Ministry of Trade, Industry and Energy.
The export fall slowed compared to the 16.6 percent reduction in Jan, but it continued to decline since Oct, last year.
Import rose 3.6 percent to 55.4 billion dollars last month, sending the trade deficit to 5.3 billion dollars.
Trade balance stayed in red for the 12th straight month, since Mar last year, but the Feb deficit was less than half of the record-high deficit of 12.7 billion dollars in the previous month.
The Feb export slide was driven by lower global demand for locally-made products, especially semiconductors, amid the global economic slowdown.
Chip export tumbled 42.5 percent over the year, to 5.96 billion dollars in Feb on the back of lower chip prices, causing weaker demand and inventory growth.
The semiconductor shipment kept a downward trend for the seventh straight month.
Display panel export plunged 40.9 percent to 1.12 billion dollars, due to supply glut and soft demand, and computer shipment dropped 66.4 percent, amid the global economic downturn.
Petrochemicals export retreated 18.3 percent to 4.06 billion dollars, due to the supply glut, but oil products export grew 12.0 percent to 4.68 billion dollars, on higher jet fuel demand from the United States and the European Union (EU).
Automotive export surged 47.1 percent to 5.6 billion dollars, thanks to the eased supply disruption of chips, used to manufacture vehicles, as well as, stronger demand for eco-friendly vehicles.
General machinery shipment gained 13.0 percent to 4.45 billion dollars on higher demand from the United States, the EU and the Middle East, marking the first rebound in six months, since Aug.
Secondary battery export jumped 25.1 percent to 870 million dollars, amid the rising production of electric vehicles, but steel shipment reduced 9.8 percent to 2.97 billion dollars.
Mobile phone shipment fell 1.8 percent to 1.25 billion dollars, but home appliances export grew 4.3 percent to 690 million dollars, last month.
Export to the United States advanced 16.2 percent from a year earlier, to 9.0 billion dollars in Feb, affected by robust demand for eco-friendly vehicles, general machinery and mobile phone.
Shipment to the EU increased 13.2 percent to 6.2 billion dollars, continuing to climb for the third successive month, but export to ASEAN, plummeted 16.1 percent to 8.46 billion dollars.
Export to Japan slipped 4.9 percent to 2.36 billion dollars, but shipment to the Middle East jumped 20.2 percent to 1.65 billion dollars, on solid demand for steel and general machinery.
Meanwhile, energy import gained in double digits last month amid stronger heating fuel demand in winter.
Import for the country’s three major energy sources, including crude oil, natural gas and coal, came in at 15.3 billion dollars in Feb, up 19.7 percent from the same month of last year.
Crude oil import lost 0.1 percent to 7.25 billion dollars amid stabilised oil price, but natural gas import jumped 73.2 percent to 6.18 billion dollars last month.– NNN-YONHAP
Source: Nam News Network