SEOUL, March 1 (Xinhua) — South Korea’s export fell for the fifth consecutive month in February, resulting in a commerce deficit persevering with for the previous 12 months, authorities information confirmed Wednesday.
Export, which accounts for about half of the export-driven economic system, dipped 7.5 % from a 12 months earlier to 50.1 billion U.S. {dollars} in February, based on the Ministry of Trade, Industry and Energy.
The export fall slowed in comparison with the 16.6 % discount in January, but it surely continued to say no since October final 12 months.
Import rose 3.6 % to 55.4 billion {dollars} final month, sending the commerce deficit to five.3 billion {dollars}.
The commerce stability stayed in crimson for the twelfth straight month since March final 12 months, however the February deficit was lower than half of the record-high deficit of 12.7 billion {dollars} within the earlier month.
The February export slide was pushed by decrease international demand for locally-made merchandise, particularly semiconductors, amid the worldwide financial slowdown.
Chip export tumbled 42.5 % over the 12 months to five.96 billion {dollars} in February on the again of decrease chip costs, inflicting weaker demand and stock progress.
The semiconductor cargo saved a downward development for the seventh straight month.
Display panel export plunged 40.9 % to 1.12 billion {dollars} on account of provide glut and mushy demand, and laptop cargo dropped 66.4 % amid the worldwide financial downturn.
Petrochemicals export retreated 18.3 % to 4.06 billion {dollars} because of the provide glut, however oil merchandise export grew 12.0 % to 4.68 billion {dollars} on larger jet gasoline demand from the United States and the European Union (EU).
Automotive export surged 47.1 % to five.6 billion {dollars} because of the eased provide disruption of chips used to fabricate automobiles in addition to stronger demand for eco-friendly automobiles.
General equipment cargo gained 13.0 % to 4.45 billion {dollars} on larger demand from the United States, the EU and the Middle East, marking the primary rebound in six months since August final 12 months.
Secondary battery export jumped 25.1 % to 870 million {dollars} amid the rising manufacturing of electrical automobiles, however metal cargo lowered 9.8 % to 2.97 billion {dollars} on decrease product costs.
Mobile cellphone cargo fell 1.8 % to 1.25 billion {dollars}, however house home equipment export grew 4.3 % to 690 million {dollars} final month.
Export to the United States superior 16.2 % from a 12 months earlier to 9.0 billion {dollars} in February, affected by sturdy demand for eco-friendly automobiles, normal equipment and cell phone.
Shipment to the EU elevated 13.2 % to six.2 billion {dollars}, persevering with to climb for the third successive month, however export to the Association of Southeast Asian Nations (ASEAN) plummeted 16.1 % to eight.46 billion {dollars}.
Export to Japan slipped 4.9 % to 2.36 billion {dollars}, however cargo to the Middle East jumped 20.2 % to 1.65 billion {dollars} on stable demand for metal and normal equipment.
Meanwhile, vitality import gained in double digits final month amid stronger heating gasoline demand in winter.
Import for the nation’s three main vitality sources, together with crude oil, pure gasoline and coal, got here in at 15.3 billion {dollars} in February, up 19.7 % from the identical month of final 12 months.
Crude oil import misplaced 0.1 % to 7.25 billion {dollars} amid the stabilized oil worth, however pure gasoline import jumped 73.2 % to six.18 billion {dollars} final month.