South Korea's exports rebound to $52.6 bn in Feb on automobiles, computers

Seoul (The Uttam Hindu): South Korea's exports increased 1 per cent 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 on Saturday.

Outbound shipments came to $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 per cent on-year to $48.3 billion, resulting in a trade surplus of $4.3 billion, reports 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 per cent on-year to $6.1 billion last month, snapping their three-month losing streak.

In particular, overseas sales of hybrid cars soared 74.3 per cent to $1.3 billion.

Exports of computers, including SSDs, advanced 28.5 per cent to $800 million to extend their on-year gains to the 14th consecutive month, and exports of wireless communication equipment surged 42.3 per cent to $1.5 billion.

Bio-health exports climbed 16.1 per cent 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 per cent to $3.9 billion due to a decline in gasoline and diesel prices.

Exports of ships and rechargeable batteries also dipped 10.8 per cent and 9.6 per cent to $1.6 billion and $630 million, respectively.

By destination, exports to China slipped 1.4 per cent 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 per cent to a record $1.7 billion for February, and outbound shipments to the Middle East increased 19.6 per cent to $1.7 billion.

Exports to the European Union shed 8.1 per cent 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.