Seoul: South Korea's exports increased by 1 percent last month from a year earlier, rebounding from a decrease in the previous month, due to an increase in overseas sales of computers and automobiles, data showed Saturday. Outbound shipments amounted to $52.6 billion last month, compared to $52.1 billion a year ago, as per data compiled by the Ministry of Trade, Industry and Energy.
According to Yonhap News Agency, imports rose 0.2 percent year-on-year to $48.3 billion, resulting in a trade surplus of $4.3 billion. Exports returned to growth just a month after they decreased in January due to fewer business days. The ministry attributed the rise in exports to the robust performance of automobiles and computers, including solid-state drives (SSDs).
Automobile exports surged 17.8 percent year-on-year to $6.1 billion last month, breaking a three-month losing streak. Notably, overseas sales of hybrid cars soared 74.3 percent to $1.3 billion. Exports of computers, including SSDs, advanced 28.5 percent to $800 million, marking the 14th consecutive month of on-year gains, while exports of wireless communication equipment surged 42.3 percent to $1.5 billion.
Bio-health exports climbed 16.1 percent to $1.4 billion, with biopharmaceutical sales specifically increasing by 45.5 percent. However, outbound shipments of chips dropped 3 percent year-on-year to $9.6 billion last month due to a steep fall in memory chip prices. Exports of petroleum products also decreased 12.2 percent to $3.9 billion due to a decline in gasoline and diesel prices.
By destination, exports to China slipped 1.4 percent to $9.5 billion last month, influenced by sluggish chip sales, while exports to the United States rose 1 percent to $9.9 billion. Outbound shipments to the Association of Southeast Asian Nations (ASEAN) increased 12.6 percent to $9.6 billion, driven by strong sales of chips and petroleum products, marking the second-largest export volume for any February.
Exports to India expanded 18.6 percent to a record $1.7 billion for February, and outbound shipments to the Middle East increased 19.6 percent to $1.7 billion. "Exports hit a bump in January but rebounded in February to log a trade surplus," Industry Minister Ahn Duk-geun commented, noting that South Korea's exports are demonstrating strong competitiveness despite heightened global uncertainties sparked by the U.S. government's protectionist trade policies.