South Korean exports grew for a fourth consecutive month in February, a further sign that Asia’s fourth largest economy is staying on track for a solid recovery from the pandemic.
Outbound shipments rose 9.5% from a year earlier to $44.81 billion, following the prior month’s 11.4% gain, trade ministry data showed on Monday. The median forecast of five economists polled by The Wall Street Journal was for a 10% increase.
Imports gained 13.9% from a year earlier to $42.11 billion after a revised 3.6% rise in the previous month. The trade surplus for the month was $2.71 billion. The median forecasts were for a 15.0% increase in imports and a $2.10 billion surplus.
South Korea’s economy has weathered the pandemic-driven suppression of global trade well, supported by a solid recovery in demand for memory chips, cars and petrochemicals.
Exports to major markets such as China, the U.S. and the European Union expanded for a fourth straight month. Shipments to China surged 27% in February, the ministry said.