South Korea's exports rebound to ₹4.36 lakh crore in Feb on automobiles, computers
Seoul (The Uttam Hindu) – South Korea's exports rebounded in February, reaching ₹4.36 lakh crore (approximately $52.6 billion), a 1% increase compared to the same month last year. This marks a recovery from the previous month's decline, driven by strong performances in automobile and computer exports, as per data released by the Ministry of Trade, Industry, and Energy on Saturday.
February's outbound shipments exceeded the ₹4.31 lakh crore (approximately $52.1 billion) recorded in February 2024. At the same time, imports rose by 0.2%, reaching ₹3.85 lakh crore (approximately $48.3 billion), resulting in a trade surplus of ₹35,400 crore (approximately $4.3 billion).
The recovery in exports followed a decline in January, which was attributed to fewer business days in the month. The rise in exports was primarily due to the strong performance of automobiles and computers, including solid-state drives (SSDs).
Automobile exports surged by 17.8% year-on-year to ₹4.63 lakh crore (approximately $6.1 billion), marking a reversal from the previous three months of decline. A notable highlight was the 74.3% increase in sales of hybrid cars, which reached ₹1.07 lakh crore (approximately $1.3 billion).
Exports of computers, including SSDs, rose by 28.5% to ₹6,680 crore (approximately $800 million), marking the 14th consecutive month of growth in this category. Additionally, exports of wireless communication equipment increased by 42.3% to ₹12,500 crore (approximately $1.5 billion), while bio-health exports climbed by 16.1% to ₹11,600 crore (approximately $1.4 billion), particularly driven by a 45.5% jump in biopharmaceutical sales.
However, South Korea's semiconductor exports experienced a drop, falling by 3% to ₹79,000 crore (approximately $9.6 billion) due to a significant decline in memory chip prices. Similarly, exports of petroleum products fell by 12.2% to ₹31,200 crore (approximately $3.9 billion) due to reduced gasoline and diesel prices. Ship and rechargeable battery exports also decreased by 10.8% and 9.6%, respectively.
Regionally, exports to China slipped by 1.4% to ₹71,000 crore (approximately $9.5 billion), largely due to weaker chip sales. Exports to the United States, however, grew by 1% to ₹82,000 crore (approximately $9.9 billion), driven by strong demand for chips and computers. Exports to the ASEAN region saw a notable 12.6% increase to ₹77,500 crore (approximately $9.6 billion), supported by robust sales of chips and petroleum products. Exports to India rose 18.6% to ₹1.4 lakh crore (approximately $1.7 billion), while exports to the Middle East grew by 19.6% to ₹1.4 lakh crore (approximately $1.7 billion). However, exports to the European Union declined by 8.1% to ₹42,500 crore (approximately $5.2 billion).
"Despite the global uncertainties sparked by protectionist trade policies, our exports are showing strong competitiveness," said Industry Minister Ahn Duk-geun, commenting on the February rebound. "Exports hit a bump in January but rebounded in February, logging a trade surplus," he added.
