South Korea’s trade surplus widens 42.7% in Feb
Exports of mobile communication devices climbed 9.9% on the year while exports of semiconductors and ships declined 12.6% and 46.1%, respectively. Exports of automobiles, auto parts and petroleum products also slipped in February. South Korea’s exports to China and Japan were down 12.9% and 15%, respectively, to $8.9 billion and $1.7 billion in February while shipments to European Union countries rose 5% to $3.08 billion.
The decrease in imports was partly attributed to low oil prices. The country’s crude oil imports fell 30.6% on the year to $2.8 billion in February. However, South Korea’s imports of Iranian crude oil surged 91% to 269,020 barrels per day (bpd) in February compared with the same month of 2015.
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