Trade surplus in February reaches $768 million

According to export-import trend estimates announced by the Ministry of Commerce, Industry, and Energy Thursday, Korea`s exports increased 6.6% in February from a year earlier to $13.516 billion. Imports rose 6.0% to $12.748 billion.

With the February trade surplus more than doubling January`s $336 million surplus, the trade balance for January-February amounted to a $1.14 billion surplus based on $26.3 billion in exports and $25.2 billion in imports.

The ministry attributed the surplus mainly to brisk exports of traditional heavy chemical products, ships and plants. The results were positive despite such difficult export circumstances as a recent plunge in semiconductor prices and the U.S. economic slowdown.

Noting that February`s exports represented the highest monthly figure in history, analysts said the nation`s outbound shipments had escaped a steep slump that began late last year. The recovery of export growth rates was most notable in primary products, including ships and ocean plants (35.4%), general machinery (15%), and agricultural and fisheries products. Due to a sharp fall in spot prices of 65-mega D-RAMs and consistently low demand, exports of semiconductors edged up 2% in February on a month-on-month basis. Computer exports were estimated to have dropped by 12% due to the sluggish PC market and an overall slump in the information technology (IT) industry.

Lee Byong-Ki eye@donga.com