Fueled by the semiconductor boom, Korea’s exports in February increased by nearly 30%, recording the highest February performance ever.
According to the Ministry of Trade, Industry and Energy (MOTIE), Korea’s exports in February reached $67.45 billion, a 29.0% increase from the same month last year. This is the highest February performance ever. This significant increase was achieved despite three fewer working days than last year due to the Lunar New Year holidays. Record monthly export performance has been recorded for nine consecutive months since June last year.

 Semiconductors were the driving force behind Korea’s exports, reaching $25.16 billion in February, a 160.8% increase compared to the same month last year. This is in fact the highest monthly figure ever recorded. Semiconductor exports have remained above $20 billion for three consecutive months due to excess demand stemming from increased investment in artificial intelligence (AI), and the resulting surge in memory prices.
In February, only five of Korea’s 15 major export items, including semiconductors, saw an increase in exports. Computers, wireless communication devices, ships, and biohealth were these items that saw export growth. Conversely, exports of automobiles and auto parts declined due to the Lunar New Year holidays. Exports of general machinery, petrochemicals, and steel also saw declines.

By region, exports increased in seven of the nine major export regions. Exports to the United States reached $12.85 billion, a 29.9% increase, marking the highest February performance ever. Exports to China also increased by 34.1% to $12.75 billion due to higher demand for semiconductors.
South Korea’s imports in February reached $51.94 billion, a 7.5% increase from the same month last year. This resulted in a trade surplus of $15.51 billion. The trade balance increased by $11.55 billion year-on-year, reaching a record monthly high. The monthly trade balance has remained in surplus for 13 consecutive months since February of last year.
 
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