South Korean Feb export growth beats forecasts on chip demand
People look at Hanjin Shipping’s container terminal at the Busan New Port in Busan, about 420 km (261 miles) southeast of Seoul Aug 8, 2013. REUTERS/Lee Jae-Won/File photo
SEOUL — South Korean export growth exceeded market forecasts in February, trade ministry data showed on Friday, expanding for a fifth successive month as a surge in semiconductor demand made up for a decline in vehicle sales.
Exports from Asia’s fourth-largest economy rose 4.8 percent from the same month a year earlier to $52.41 billion, beating a gain of 1.9 percent tipped in a Reuters poll of economists.
While that represented a softening from January’s on-year surge of 18 percent, February export growth adjusted for working-day differences was 12.5 percent, faster than January’s 5.7 percent, the data showed.
There were fewer working days in February this year than last because the Lunar New Year holiday period fell in February rather than January.
Robust export growth in holiday-adjusted terms showed sales of chips – which soared 66.7 percent – and other high-value products remained robust, strengthening the view that a recovery this year in overseas sales can help prop up overall economic growth.
By destination, shipments to neighboring China fell 2.4 percent, whereas those to the United States jumped 9 percent.
Imports fell 13.1 percent to $48.1 billion, versus the 10.4 percent decline seen in the poll.
