Achieved $10 billion in exports for 10 consecutive months… Income also increased by 25.1%
Exports to CIS, such as Russia, also increased… The impact of the Ukraine crisis is still limited
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(Seoul = Yonhap News) Reporter Hye-jin Kwon = Korea’s exports increased by 20.6% last month compared to the same month last year, the highest in February.
The trade balance turned to surplus for the first time in three months as the export performance was achieved amid unstable internal and external environments such as the spread of COVID-19 micron mutation, rising raw material prices, and the Ukraine crisis.
The Ministry of Trade, Industry and Energy announced on the 1st that last month’s exports rose 20.6% from the same month of last year to record $53.91 billion.
It is the highest record in February, and it is the first time that exports surpassed $50 billion in February.
It is also the highest on record in terms of daily average exports ($2.696 billion).
As a result, exports set a record of 16 consecutive months of increase for the first time since November 2016 to March 2018, and at the same time achieved a double-digit increase for 12 consecutive months for the first time in 10 years from November 2009 to September 2011.
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Among the 15 major items, exports of all items except auto parts (-1.1%) increased.
In particular, exports of major items such as semiconductors (24.0%), computers (44.5%), displays (39.2%), home appliances (14.6%), steel (40.1%), petrochemicals (24.7%), and petroleum products (66.2%) are on the rise was conspicuous
As a result, exports of semiconductors (20 months), wireless communications (16 months), petrochemicals/steel (14 months), and general machinery/petroleum products/computers (12 months) maintained an upward trend for more than a year, while semiconductors for 10 consecutive months It succeeded in exporting 10 billion dollars.
In the case of auto parts, the decrease in production at overseas factories due to disruptions in the supply and demand of semiconductors for vehicles led to a decrease in exports.
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Regionally, exports to all nine regions also increased.
Exports to the four major markets: China (16.0%), US (20.9%), European Union (EU·8.6%), and ASEAN (38.4%) achieved record highs in February, and Latin America (18.1%) and India (4.9%) %) and other emerging markets, exports to all nine regions increased for 11 consecutive months.
Exports to the Commonwealth of Independent States (CIS), which account for 73% of total exports to Russia, also increased by 45.6%, suggesting that the impact of the Ukraine crisis is still limited.
However, imports also increased by 25.1 percent to $53.07 billion, the highest in February.
Energy imports such as oil, gas, and coal increased by $4.34 billion compared to the same period last year to $12.5 billion.
However, compared with last January, imports decreased by 3.46 billion dollars, which partially affected the balance improvement.
In general, the Ministry of Industry explains that energy imports in January are higher than in February.
[산업통상자원부 제공. 재판매 및 DB 금지]
Although imports increased, exports increased even more, resulting in a trade surplus of $840 million.
The trade balance recorded a deficit of $4.89 billion in January, continuing the deficit in December last year, raising concerns regarding the continuation of the trade deficit.
The trade deficit for two consecutive months was the first in 14 years since the financial crisis in 2008.
In January, there was also a large trade deficit due to the combination of winter demand with high oil prices.
Minister of Trade, Industry and Energy Moon Seung-wook said, “The trade surplus in February was a meaningful achievement achieved during a difficult time in the Korean economy due to the worsening situation in Ukraine and reorganization of the global supply chain. It is a splendid achievement that showed the power of our manufacturing industry in a record-setting situation.”
“We will focus on export support measures such as resolving logistics difficulties, switching business partners, and trade finance in the first half of this year so that export growth can be maintained while minimizing the impact of external factors such as the Ukraine crisis.”
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2022/03/01 10:26 Send