2024-03-01 08:54:36
February exports recorded $52.4 billion
Semiconductor exports increase for four consecutive months, up 66% from the previous year
Display increases for 7 consecutive months
Battery growth 18% compared to the previous year…due to falling mineral prices
Export amount by major item in February. (Data = Ministry of Trade, Industry and Energy)
In February of this year, exports maintained a positive trend for five consecutive months. Thanks to the expansion of semiconductor exports, it recorded $52.41 billion, a 4.8% increase from the previous year.
According to the Ministry of Trade, Industry and Energy on the 1st, exports in February reached $52.41 billion. Despite seasonal factors such as the domestic Lunar New Year holiday and China’s Lunar New Year, it has been rising for five consecutive months. This export increase was centered on IT items such as semiconductors, displays, and computers.
Semiconductor exports showed an increase for four consecutive months, reaching $9.9 billion, up 66.7% from the previous year. This is a high increase rate since October 2017. This is because demand from IT downstream industries has expanded and memory prices have risen compared to last year.
Display exports also showed a high growth rate. Displays increased for 7 consecutive months. Exports amounted to $1.35 billion, a 20% increase from the previous year. In particular, exports of OLED TVs turned positive, which had a positive impact on overall display exports. With the launch of new IT products such as tablets, demand for automotive displays increased.
Exports of batteries (secondary cells) amounted to $700 million, down 18% from the same period last year. This is because the downward trend in mineral prices such as lithium and nickel has continued since the second half of last year, which has lowered the unit price of cathode materials and batteries, affecting the overall export amount. The rate of change in cathode material exports recorded △52.3 in February from △43.3 in January.
By region, exports increased to the United States, ASEAN, Central and South America, and Japan. U.S. exports amounted to $9.8 billion, an increase for seven consecutive months since August of last year and the highest February performance ever.
In the case of China, exports increased to $9.65 billion, a decrease due to the Lunar New Year holiday. Exports of semiconductors, the largest export item, increased for four consecutive months. The growth rate of semiconductor exports over the past four months is 6.9% in November, 4% in December, 44% in January, and 26.7% in February.
In the European Union (EU) region, exports decreased by 8% compared to the same month last year due to the lack of working days due to the Lunar New Year holiday. Last February, EU exports amounted to $5.67 billion.
Minister of Trade, Industry and Energy Ahn Deok-geun said, “We will pursue customized support strategies for each target market, focusing on the 20 key items selected in the government-wide export expansion strategy announced on the 28th of last month, to achieve export goals for key items such as $120 billion for semiconductors and $75 billion for automobiles. “I will do it,” he said.
The Elec = Reporter Minjo Lee lmj2@thelec.kr
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