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Exports Hit Record High for February, Trade Balance Shifts to Surplus

Written: 2022-03-01 15:16:03Updated: 2022-03-01 15:16:32

Exports Hit Record High for February, Trade Balance Shifts to Surplus

Photo : YONHAP News

Exports in February has reached a record high for that month, jumping by 20-point-six percent on-year to shift the trade balance into surplus territory for the first time in three months. 

According to the trade ministry on Tuesday, outbound shipments posted 53-point-nine billion dollars, while imports came in at 53 billion dollars, also marking an on-year rise of 25 percent. The resulting trade surplus came to 840 million dollars.

Despite a spike in imports due to high energy prices, the balance improved as the value of exports surpassed 50 billion dollars.

Outbound shipments increased sharply in most sectors including semiconductors, computers, displays, home appliances, steel, petrochemicals, bio-health and wireless communication.

Shipments to nine regions -- including China, the U.S., the European Union and ASEAN -- all posted growth last month.

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