UPDATE 1-Korea February 1-20 exports expand 16.7pct y/y, underpinning recovery

23-Feb-2021 Intellasia | Reuters | 6:02 AM Print This Post

South Korea’s exports during the first 20 days of February expanded 16.7 percent from a year earlier, customs agency data showed on Monday, faster than a 10.5 percent rise during the January 1-20 period, underpinning the trade-led recovery.

The breakdown of data suggests the recovery has been supported by a sales boost in major trading items and strong global demand.

By product, outbound shipments of semiconductors, cars and mobile phones surged 27.5%, 45.9 percent and 33.6%, respectively, in February 1-20, while those of oil products and computer peripherals slid 5.7 percent and 4.8 percent each.

By destination, exports to China, the United States and the European Union soared 32.7%, 14 percent and 53.6%, respectively.

Per-day exports, however, jumped 29.2 percent year-on-year, as there were 1.5 fewer working days than the comparable period of 2020 due to the nation’s Lunar New Year holiday.

Imports also jumped 24.1%, much sharper than a 2.4 percent rise in January 1-20, resulting in a provisional trade deficit of $1.21 billion for the period.

Full-month data for February will be released on March 1.

https://www.reuters.com/article/southkorea-economy-trade/update-1-s-korea-feb-1-20-exports-expand-16-7-y-y-underpinning-recovery-idUSL1N2KS003

 

Category: Korea

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