South Korea’s exports in February soared by almost 30% compared to the previous year, reaching the highest level ever recorded for that month. This growth was primarily fueled by the increasing demand for semiconductors amidst the artificial intelligence (AI) boom. The country’s outbound shipments totaled $67.45 billion last month, a significant increase from $54.2 billion a year earlier.
Per-day exports in February surged by 49.3% year-on-year to $3.55 billion, surpassing the $3 billion mark for the first time. This remarkable performance in exports began in June last year, with each subsequent month setting new record highs for nine consecutive months. Imports also saw a rise of 7.5% year-on-year to $51.94 billion, resulting in a trade surplus of $15.51 billion, the largest in the country’s history.
The surge in exports was driven by a substantial increase in chip exports, which reached an all-time high of $25.16 billion, marking a 160.8% increase from the previous year. Semiconductor exports have exceeded $20 billion for the third consecutive month. Additionally, exports of wireless communication devices, including mobile phones, rose by 12.7% to $1.47 billion, extending their streak of year-on-year gains to four months.
Despite the overall positive trend, auto exports experienced a decline of 20.8% year-on-year to $4.81 billion in February. Similarly, shipments of auto parts decreased by 22.4% to $1.45 billion due to reduced production caused by fewer working days. Moreover, exports of petroleum products decreased by 3.9% to $3.73 billion, while petrochemical and steel exports also saw declines due to lower export prices resulting from global oversupply.
Exports to the United States saw a significant increase of 29.9% to $12.85 billion in February, setting a record high for any February. This growth was attributed to a sharp rise in shipments of semiconductors and computers to the country.
