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The Ministry of Trade, Industry and Energy announced on March 1 that South Korea’s exports and imports were US$50.1 billion and US$55.4 billion last month, respectively. The exports fell 7.5 percent year on year whereas the imports increased 3.6 percent from a year ago.
Last month, South Korea’s semiconductor exports totaled US$5.96 billion, down 42.5 percent year on year. Its petrochemical, steel, ship, display and biotech and healthcare exports were also sluggish and it remained in the red for the 12th consecutive month. This year, its two-month trade deficit amounts to US$17.96 billion, which is 38 percent of last year’s total deficit.
Exports from South Korea to China fell for the ninth consecutive month, down 24.2 percent to US$9.88 billion to be specific. Likewise, exports from South Korea to the ASEAN region decreased 16.1 percent to US$8.46 billion.
Its oil, gas and coal imports increased yet again. Last month, the imports increased 19.7 percent year on year to US$15.3 billion. Crude oil imports edged down 0.1 percent to US$7.25 billion, coal imports decreased 4.4 percent to US$1.87 billion, and gas imports jumped 73.2 percent to US$6.18 billion.
Meanwhile, automobile exports from South Korea increased 47.1 percent year on year to US$5.6 billion and those of petroleum products and general machinery increased 12 percent and 13 percent to US$4.68 billion and US$4.45 billion, respectively. Those to the United States increased 16.2 percent to US$9 billion and those to the European Union increased 13.2 percent to US$6.2 billion. Those to the Middle East and India increased 11 percent and 20.2 percent to US$1.65 billion and US$1.5 billion, respectively.
The average Dubai crude price was US$82.11 per barrel in February this year whereas it was as high as US$108.16 per barrel in May last year. Last month, the international gas and coal prices went down together and South Korea’s trade deficit decreased to US$5.3 billion from the previous month’s US$12.7 billion.
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