South Korean exports mark fifth month in row of growth, driven by chip shipments
(MENAFN) South Korea's export sector demonstrated resilience in February, marking the fifth consecutive month of growth as overseas chip shipments remained robust, according to data released by the Ministry of Trade, Industry and Energy. The country's export value increased by 4.8 percent year-on-year, reaching USD52.4 billion. Concurrently, imports experienced a decline of 13.1 percent, totaling USD48.1 billion for the month. This resulted in a trade surplus of USD4.29 billion, as reported by Yonhap News Agency.
The standout performer in South Korea's export landscape was the Semiconductor industry, with chip exports witnessing a remarkable surge of 66.7 percent compared to the same period last year. This marked the fourth consecutive month of growth and represented the most substantial increase since October 2017. Additionally, other key export sectors also contributed to the positive momentum. Displays, ships, and vital health products saw notable increases of 20.2 percent, 27.7 percent, and 9.3 percent, respectively.
However, the automotive sector experienced a downturn during the period, with outbound car shipments declining by 7.8 percent. This dip was attributed to reduced production levels following the Lunar New Year holiday. Despite this setback, the overall strength of South Korea's export performance, particularly in the semiconductor industry, underscores the country's continued competitiveness in global markets.
The sustained growth in exports reflects South Korea's resilience and adaptability amid challenging economic conditions, driven largely by the steady demand for semiconductors and other key export products. Moving forward, stakeholders will closely monitor the trajectory of export trends, recognizing the sector's significance in shaping the country's economic outlook and global trade dynamics.
MENAFN03032024000045015682ID1107927269
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.