During the first ten days of February, South Korea's exports rose by 44% year-on-year, reaching a record high driven primarily by a significant increase in semiconductor exports.
Between February 1 and 10, South Korea recorded an impressive 44.4% increase in exports compared to the same period last year, reaching a total export value of 21.4 billion dollars. This period included 7.5 operational days, slightly longer than last year's 7.0, and when adjusted for operational days, the daily average export value also saw a notable rise, growing by 34.8% to approximately 2.85 billion dollars. The semiconductor sector played a crucial role in this growth, with exports of semiconductors alone soaring by 137.6%, raising their share of total exports to 31.5%, an increase of 12.3 percentage points compared to the previous year.
Other export categories also fared well; petroleum products and wireless communications devices experienced increases of 40.1% and 27.9%, respectively. However, the automotive industry faced a decline, with passenger car exports dropping by 2.6%. In terms of export destinations, significant increases were reported for China (54.1%), the United States (38.5%), Vietnam (38.1%), the European Union (12.2%), and Taiwan (101.4%), reflecting a robust recovery in international demand for South Korean products.
On the import side, South Korea's imports increased by 21.1% to 20.7 billion dollars during the same period, driven by rises in the semiconductor sector (32.2%) and semiconductor manufacturing equipment (69.1%). However, there were decreases in crude oil (-19.7%) and gas (-2.2%). Notably, imports from China rose significantly (65.5%), as well as from the European Union (39.4%), while Saudi Arabia saw a decrease of 30.3%. The trade balance remained positive with a surplus of 600 million dollars, underscoring the advantageous position of South Korea in the current trade landscape.
