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 recorded a trade surplus of $2.33 billion. The return to positive territory can be attributed to the export of more ships and the import of less crude oil compared with January.
In February, South Korea's exports climbed 31 percent to $33.27 billion. This strong year-on-year growth is primarily the result of the recovery from the global recession - marked by rising demand from emerging markets and a slower but steady increase in developed countries. The export volume in most key industries was up significantly. In the month in question, South Korea's steel exports surged six percent, its automobile exports rose 32.9 percent, its household appliance exports increased 43.8 percent, while the country's ship exports were up 15 percent, all compared to February 2009.
Among the major export partners of South Korea, the country's exports to China increased by 37.7 percent, exports to the US rose 13.5 percent, to Japan by 20.4 percent, to ASEAN countries by 31 percent, to Latin America by 42.7 percent, while decreases of 14.2 percent, 3.7 percent and 26.8 percent were recorded in its exports to the Middle East, the EU and Oceania respectively, all compared to the same month last year.
Meanwhile, in February, South Korea's imports rose 36.9 percent year on year, reaching $30.94 billion. Inbound shipments of raw materials went up 39.4 percent while imports of capital and consumer goods increased by 34.2 percent and 49.1 percent year on year, respectively.