South Korea’s steel export value up 44.4 percent in February

According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in February this year the country's trade balance indicated a $2.2 billion surplus on the back of a strong performance by key export items.
 
The country's total export value in February rose by 22.7 percent year on year, increasing to $47.2 billion. Outbound shipments of automobiles and steel were especially strong in February, increasing 60.2 percent and 44.4 percent year on year, respectively. South Korea's steel export value was $3.6 billion in the month in question, while its automobile export value reached to $4.5 billion.
 
South Korea's export value of ships in February rose by 9.6 percent year on year to $4.6 billion, while its general machinery exports reached a value of $4.3 billion, climbing by 37.1 percent year on year.
 
In the given month, exports to emerging economies such as China and ASEAN countries continued to grow, while exports to key trading partners, notably the United States and the European Union, also increased compared to the same month last year.
 
Meanwhile, in February this year, South Korea's imports rose 23.6 percent year on year, reaching $45 billion. Inbound shipments of raw materials gained 24.7 percent on the back of rising demand for gas, crude oil and coal.