South Korea’s exports expanded for a fourth straight month in February on continued growth in memory chip and car sales, underpinning the trade-led recovery in Asia’s fourth-largest economy. Exports jumped 9.5% from a year earlier to $44.81 billion in February, government data showed on Monday, slower than 11.4% growth in January but matching the 9.5% increase forecast by 12 economists in a Reuters survey. Average daily exports, however, surged 26.4% year-on-year, the sharpest in over three years, when eliminating the impact from a three-day drop in working days due to the nation’s Lunar New Year holidays. South Korea’s monthly trade data, the first to be released among major exporting economies, is considered a bellwether for global trade.
Shipments of semiconductors, the country’s top export, jumped 13.2% year-on-year and for an eighth consecutive month, while those of cars, petrochemicals and bio-health products surged 47%, 22.4% and 62.5%, respectively. Of the nation’s 15 major export items, shipments of 11 items increased last month. By destination, those to China, the United States and the European Union soared 26.5%, 7.9% and 48.2% each. Meanwhile, data also showed imports grew 13.9% to $42.11 billion, beating forecasts for a 12.3% jump. The trade surplus shrank to $2.71 billion from $3.76 billion a month ago. South Korea’s financial markets are closed on Monday due to a public holiday and will resume trade on Tuesday.