Despite the economic gloom encompassing the world, South Korea's trade surplus amounted to $3.3 billion in February, buoyed by a sharp drop in imports, the Ministry of Knowledge Economy said Monday.
Exports reached $25.8 billion last month, falling 17.1 percent year-on-year, while imports tumbled 30.9 percent to $22.5 billion. The surplus was the largest since $3.5 billion in July 2007.
The ministry said the won's steep fall, coupled with more working days compared to February 2008, helped South Korea return to the black after a deficit of $3.36 billion in January.
The Korean won fell more than 20 percent against the U.S. dollar in the first two months of the year, making locally made goods cheaper abroad. The Lunar New Year holiday fell January instead of February, increasing the number of working days in February.
The country posted a trade surplus in the fourth quarter of 2008, although its full-year trade balance was in the red with $13 billion.
The ministry said exports of ships soared 47.4 percent and mobile communication equipment rose by 3 percent.
However, exports of steel, general machinery, textiles, display panels, petrochemicals, cars, auto parts, consumer electronics, petroleum products, semiconductors and computers posted negative export growth.
Imports were down as energy prices continued to remain weak and economic uncertainties sapped local demand.
In the first 20 days of February, exports to Oceania shot up 324.5 percent, with numbers for Latin America, the Middle East and China all going up.
Exports to the United States and the European Union fell 2.5 percent and 5.7 percent, respectively, with outbound shipments for Japan and the Association of Southeast Asian Nations decreasing 19.4 percent and 31.1 percent.
In the first two months of this year, the country's exports reached $47.21 billion with imports topping $47.27 for a deficit of about $6 million.