Korea Posts Trade Surplus in February

Korea posted a trade surplus last month after two consecutive months of deficit.

Despite concerns over growing prices of imported goods, particularly energy imports, exports of semiconductors and petroleum products increased significantly, helping the trade balance to swing back into the black.

The Ministry of Trade, Industry and Energy said on Tuesday exports totaled US$53.91 billion last month, up 20.6 percent on-year, while imports rose 25.1 percent to $53.07 billion, resulting in a surplus of $840 million.

It was the first time February's exports have exceeded $50 billion, breaking the previous record of $46.3 billion set in February 2012.

Though auto parts were an exception, exports of about a dozen major items increased, including petroleum products (66.2 percent), computers (44.5 percent), steel (40.1 percent), displays (39.2 percent) and semiconductor chips (24 percent).

Imports for the month also saw the highest-ever increase, with imports of energy goods surging 55.8 percent on-year.