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«AgroInvest» — News — S. Korea posts trade surplus for 25 months

S. Korea posts trade surplus for 25 months

2014-03-14 11:46:02

South Korea posted a trade surplus for 25 straight months as exports continued to grow at a modest pace, customs data showed Friday.

Revised figure for the February trade surplus was 934 million U. S. dollars, up from a 778-million-dollar surplus in the prior month, according to the Korea Customs Service. The trade balance stayed in black since February 2012.

Exports, which account for about half of the economy, rose 1.5 percent from a year earlier to 42.98 billion dollars in February.

The figure was weaker than expected as experts predicted the faster growth of exports amid more business days. The Lunar New Year's holiday moved to January this year from February last year, raising the working days by two days last month.

Exports of telecommunication devices, including smartphones, surged 26.6 percent last month, with those for cars and semiconductors expanding 7.7 percent and 13.8 percent respectively.

Home appliances shipment increased 6.4 percent, but exports of flat screen, ships and oil products reduced 11.2 percent, 9.6 percent and 14.7 percent each last month.

Exports to China, Southeast Asian nations and the European Union increased 3.8 percent, 11.3 percent and 10.6 percent each, but those to the United States and Japan declined 6.7 percent and 9.6 percent last month.

Imports gained 3.9 percent from a year earlier to 42.04 billion dollars in February. Imports from China and the United States expanded 4.8 percent and 24.2 percent each, but those from Japan and Hong Kong decreased 10.6 percent and 16.8 percent respectively.

 

 

Global Times