**Semiconductor Exports Surge by 161%
Trade Surplus Reaches $15.5 Billion**
Last month, South Korea’s trade surplus hit a record high of $15.51 billion on a monthly basis. Exports also reached $67.45 billion, the highest ever for February. Despite the three-day reduction in working days due to the Lunar New Year holidays, the semiconductor boom driven by the AI investment frenzy boosted overall performance.
According to the “February Export-Import Trends” released by the Ministry of Trade, Industry, and Energy on the 1st, last month’s exports increased by 29% compared to the same month last year. Exports per working day averaged $3.55 billion, a 49.3% increase, surpassing the $3 billion mark for the first time on a daily average basis.
The key driver of export growth was semiconductors. In February, semiconductor export value was $25.16 billion, a rapid increase of 160.8% compared to the same period last year. This is the highest monthly figure ever. The surge in AI server investments by global big tech companies led to memory semiconductor demand far exceeding supply, resulting in a steep price increase. As of February, fixed prices for DRAM (DDR5 16Gb) and NAND flash (128Gb) jumped by 691% and 452%, respectively, compared to a year earlier. Semiconductor exports exceeded $20 billion for the third consecutive month.
Exports of computer components and peripherals also set a record for February, increasing by 221.6% to $2.56 billion due to the rising demand for enterprise large-capacity storage devices (SSDs). Ship exports rose by 41.2% due to increased deliveries of LNG (liquefied natural gas) vessels, while wireless communication devices and biohealth continued their growth for the fourth consecutive month.
On the other hand, sectors like automobiles and general machinery, directly affected by the Lunar New Year holidays, saw a downturn. Automobile exports fell by 20.8% due to fewer production days, while auto parts (-22.4%) and general machinery (-16.3%) also declined. Petrochemicals and steel saw decreases of 15.4% and 7.8%, respectively, due to global oversupply and falling unit prices.
Regionally, exports to the United States ($12.85 billion) and ASEAN ($12.47 billion) hit record highs for February. Despite the Chinese New Year impact, exports to China ($12.75 billion) grew by 34.1% due to the increase in semiconductor exports. Growth was observed in seven out of the nine major export markets. Imports increased by 7.5% to $51.94 billion. Energy imports decreased due to falling oil prices, but imports of non-energy intermediates like semiconductors and related equipment increased. The trade surplus has been ongoing for 13 consecutive months.