South Korea’s steel exports in February 2020 amounted to $2,289mn, down from $2,318mn in Jan 2020, and from $2,541mn in Feb 2019, according to the Ministry of Trade, Industry and Energy.
Steel exports from South Korea dropped to 2,481,000mt in February, down 0.9pc from 2,504,000mt in Feb 2019. Steel export price averaged at $818/mt, down 9.4pc from $903/mt in the prior year.
Automobile exports dropped by 16.6pc to $2.4bn as local car manufacturers faced a supply-chain disruption of imports from China, cue Covid-19.
South Korean overall export market posted strong numbers, despite the Covid-19 outbreak, with exports of semiconductors and wireless communications increased by 9.4pc and 8pc to $7402mn and $1068mn, respectively.
South Korea’s total exports in February increased for the first time in 15 months.
Exports rose to $41.3bn, up 4.5pc from $39.4bn in Feb 2019 causing a trade surplus of $4.1bn. Imports rose by 1.4pc to $37.2bn in February.
Exports to China, the country’s top trading partner, dipped 6.6pc in February to $8.9bn, as compared to the same month the prior year.
Export shipments to Japan edged down 0.3pc on lower demand for auto parts and steel in February.
The ministry of trade remains optimistic about continued increase in exports in the second half 2020 and has forecasted the country’s outbound shipments to increase by 3pc.