South Korea’s exports rise 17.9 percent in February

According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's trade surplus totaled $2.85 billion in February this year, down from $2.9 billion in January, due to the lunar New Year holiday, which fell in February this year and which resulted in four fewer business days.
 
In February this year, despite unfavorable conditions in the global market, brisk outbound shipments of petroleum products and automobile parts drove South Korea's exports up 17.9 percent year on year to $38.96 billion. Most of South Korea's key export items displayed double-digit growth. Notably, the average value of exports per day hit an all-time high, totaling $2.05 billion. The previous record was $1.94 billion.
 
With the exception of Latin America and Oceania, exports to most of South Korea's key trading partners increased during the first 20 days of February.
 
South Korea's exports of steel in February rose 36.4 percent year on year to $2.47 billion, while its ship exports reached a value of $4.41 billion, decreasing by 7.6 percent year on year. Notably, the country's exports of ships to the United States and the European Union shot up in February by 110.6 percent and 435.3 percent respectively.
 
In the meantime, South Korea's automobile exports surged 23.8 percent to $2.8 billion, while its general machinery exports came to $3.31 billion with an increase of 38.2 percent, both compared to February 2010.