S.Korea's export falls 11.7 pct in February on weak chip demand

2019-03-01 10:34

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South Korea's export posted a double-digit fall last month on weak demand for locally-made semiconductor, a government report showed Friday.

Export, which account for about half of the economy, declined 11.7 percent over the year to 39.56 billion U.S. dollars in February, according to the Ministry of Trade, Industry and Energy.

Import shrank 12.6 percent to 36.47 billion U.S. dollars, sending the trade surplus in February to 3.09 billion U.S. dollars.

The trade balance stayed in black for 85 straight months, but last month's surplus was below a monthly average of 5.9 billion U.S. dollars tallied in 2018.

The double-digit fall in export stemmed from soft demand for locally-made chip, of which shipment tumbled 24.8 percent in February from a year earlier.

Price for DRAM memory chip, the country's major export item, plunged 36.8 percent last month, with the price for NAND flash memory chip dropping 25.2 percent.

However, the daily average export stood at 2.08 billion U.S. dollars in February, up from 1.93 billion U.S. dollars in January.
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