S.Korea exports grew 20.6% in Feb, beating forecasts -Breaking
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© Reuters. FILE PHOTO – A truck moves between two shipping containers in a terminal at Incheon Port, Incheon, South Korea. May 26, 2016. REUTERS/Kim Hong-JiBy Joori Roh
SEOUL (Reuters – South Korea’s exports grew in February for the 16th consecutive month. This was faster than predicted and the balance of goods trade returned to positive territory.
According to trade ministry data, February’s exports grew by 20.6% over a previous year, reaching $53.91 billion. This was faster than the 18.2% forecast in Reuters poll.
Exports of semiconductors rose 24% in year-on-year according to an item breakdown, while those for petroleum chemicals, oil and steel products jumped 24.7% and 66.2% respectively.
The destination of South Korea’s exports increased by 16% to China. Meanwhile, the US and EU saw their respective sales rise 20.9% to 8.6%.
In February, imports rose 25.1% to $53.07billion, while those from, coal, and gas totalled $12.5 billion. After a January record loss of $4.83 billion, this brought the trade surplus to $0.84 billion.
Public holiday forces South Korean financial markets to close on Tuesday.
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