South Korea’s steel export value falls 10.5% 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 balance indicated a $2.1 billion surplus in February this year, remaining in black for the 13th consecutive month.
 
The country's export value in February fell by 8.6 percent year on year to $42.3 billion, as the Lunar New Year holiday fell in February this year and exports shrank due to fewer working days. On the other hand, the average value of South Korea's total exports per day rose 2.5 percent year on year to $2.1 billion.
 
South Korea's export value for automobiles in February fell by 15.1 percent year on year to $3.7 billion. Exports of ships and steel continued to decline amid general downward trends with major trading partners. South Korea's export value for ships in the month in question declined by 40.3 percent to $2.7 billion, while the country's basic steel export value fell 10.5 percent to $2.8 billion, both compared to February 2012. On the other hand, South Korea's general machinery exports in February amounted to $3.6 billion, falling by 15.1 percent year on year.
 
In the given month, South Korea's exports to most of its key trading partners showed negative growth with the exception of the ASEAN region.
 
Meanwhile, in February this year South Korea's overall import value declined 10.7 percent year on year to $40.3 billion. Imports of raw materials to the country in the given month fell by 7.4 percent year on year, mainly due to weaker demand for coal and crude oil.