According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy (MOTIE), the country's trade balance indicated a $926 million surplus in February this year. Meanwhile, in the first two months this year, the surplus in South Korea's trade balance was recorded as $1.68 billion.
In February, South Korea's basic steel export value increased by 0.4 percent, while the value of the country's ship exports saw a decrease of seven percent, both compared to February 2013. Meanwhile, the value of South Korea's automobile exports in February this year increased by 9.1 percent and the value of general machinery exports decreased by 2.4 percent, both on year-on-year basis.
According to the ministry's report, in February of the current year the value of South Korea's export shipments to South Africa declined by 69.1 percent, the value of export shipments to Indonesia were down 34.9 percent, exports to Latin America decreased by 11.9 percent and exports to the US fell by 6.7 percent, all on year-on-year basis. Meanwhile, South Korea's exports to Turkey, Brazil, ASEAN countries, the EU and China increased in value by 29.3 percent, 24.5 percent, 15.1 percent, 10.6 percent and 3.8 percent, respectively.