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Korea’s trade balance shifted to the black in February from a deficit a month earlier thanks to sold export gains, a customs office report showed Thursday.
According to the report by the Korea Customs Service, South Korea’s trade surplus amounted to $1.5 billion last month, compared with a shortfall of $2.2 billion in January.
The monthly figure was smaller than a surplus of $2.2 billion projected by the Ministry of Knowledge Economy for February earlier this month.
Exports soared 20.6 percent on-year to $46.4 billion last month, while imports grew 23.3 percent to $44.9 billion.
Outbound shipments were fueled by autos, refined petroleum products and machinery with demand from advanced industrialized economies posting double digit gains.
The rise in imports was caused mainly by steep spikes in global crude oil, coal and gas prices the report showed.
(Yonhap News)
According to the report by the Korea Customs Service, South Korea’s trade surplus amounted to $1.5 billion last month, compared with a shortfall of $2.2 billion in January.
The monthly figure was smaller than a surplus of $2.2 billion projected by the Ministry of Knowledge Economy for February earlier this month.
Exports soared 20.6 percent on-year to $46.4 billion last month, while imports grew 23.3 percent to $44.9 billion.
Outbound shipments were fueled by autos, refined petroleum products and machinery with demand from advanced industrialized economies posting double digit gains.
The rise in imports was caused mainly by steep spikes in global crude oil, coal and gas prices the report showed.
(Yonhap News)
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Articles by Korea Herald
