Seoul: South Korea's exports increased 1 percent last month from a year earlier, rebounding from a decrease the previous month, thanks to an increase in overseas sales of computers and automobiles, data showed Saturday. Outbound shipments came to US$52.6 billion last month, compared with $52.1 billion a year ago, according to data compiled by the Ministry of Trade, Industry and Energy. Imports rose 0.2 percent on-year to $48.3 billion, resulting in a trade surplus of $4.3 billion.
According to Yonhap News Agency, exports returned to growth just a month after they decreased in January due to a fewer number of business days. The ministry said the rise in exports came on the back of the robust performance of automobiles and computers, which includes solid-state drives (SSDs). Automobile exports jumped 17.8 percent on-year to $6.1 billion last month, snapping their three-month losing streak. In particular, 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 to extend their on-year gains to the 14th consecutive month, and 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, in particular, shooting up 45.5 percent.
Outbound shipments of chips, however, dropped 3 percent on-year to $9.6 billion last month, due to a steep fall in the price of memory chips. Exports of petroleum products decreased 12.2 percent to $3.9 billion due to a decline in gasoline and diesel prices. Exports of ships and rechargeable batteries also dipped 10.8 percent and 9.6 percent to $1.6 billion and $630 million, respectively.
By destination, exports to China slipped 1.4 percent to $9.5 billion last month due to sluggish chip sales, while exports to the United States rose 1 percent to $9.9 billion, thanks to strong demand for chips and computers. Outbound shipments to the Association of Southeast Asian Nations (ASEAN) gained 12.6 percent to $9.6 billion on the back of strong sales of chips and petroleum products, logging 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 to the European Union shed 8.1 percent to $5.2 billion.
"Exports hit a bump in January but rebounded in February to log a trade surplus," Industry Minister Ahn Duk-geun said, adding South Korea's exports are showing strong competitiveness despite heightened global uncertainties sparked by the U.S. government's protectionist trade policies.