Trade figures for February
Korea’s exports last month achieved growth, boosted by strong sales of semiconductors, automobiles, automobile parts, and machinery.
Also in February 2006, outbound shipments recorded a double-digit increase in automobile parts (59.1%), petroleum products (47.1%), general machinery (33.2%), automobiles (22%), and semiconductors (15.7%). Overseas sales of wireless communications devices and electronic appliances also increased by 9.7% and 4.4%, respectively. However, sales of ships dropped by 11%, steel by 4.3%, computers by 3.1%, and petrochemicals by 0.4%.
By region, outbound shipments to China grew by 16.2%, Japan by 18.8%, ASEAN by 12.3%, and the U.S. by 0.5%.
Meanwhile, the nation’s imports increased by 27.3% year-on-year in February to $23.42 billion, affected by increasing costs of crude oil and other raw materials. The average daily imports hit a new high of $1.06 billion.
By product, inbound shipments of capital goods and consumer goods soared by 10.7% and by 17.7%, respectively. Imports of raw materials were also up by 30.7%.
By region, imports from the Middle East increased by 62.8%, ASEAN by 24.7%, and China by 17.5%. By contrast, imports from the U.S. fell by 0.3% from the previous year.
In total, Korea recorded a trade surplus of $0.54 billion in February. Korea posted a trade surplus of $0.19 billion with the U.S. and $1.08 billion with China. Trade with Japan and the Middle East post deficits of $1.59 billion and $3.1 billion, respectively.
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