SoKor posts strong exports from Feb. 1 to 20

South Korea recorded a 16.7% annualized increase in exports from February 1 to 20, data from customs agency showed on Monday. The expansion, which indicates a trade-driven rebound, came faster than the 10.5% jump monitored during the first 20 days of January.

Exports’ growth could partly be attributed to an increase in major trading items, with outbound shipments of semiconductors, automobiles, and mobile phones surging 27.5%, 45.9%, and 33.6% respectively. However, oil products dropped 5.7%, while computer peripherals plunged 4.8%.

Imports, on the other hand, expanded 24.1% as they placed higher than the 2.4% increase seen in the first 20 days of January. This resulted in a provisional deficit of $1.21 billion for the period, with full-month data yet to be released on March 1.