SEJONG: South Korea’s exports to trade partners that it has free trade agreements (FTAs) with jumped 16.7 percent on-year in the first two months of 2017 amid a recovery in the country’s total outbound shipments, customs data showed Monday.
Exports to 52 countries that have open trade pacts with South Korea reached US$59.7 billion in the January-February period, up from $51.1 billion tallied a year ago, according to the data released by the Korea Customs Service.
Imports raised 13.7 percent on-year to $45.4 billion over the cited period, with a trade surplus hitting $14.3 billion.
Meanwhile, Asia’s fourth-largest economy saw its exports expand 15.7 percent on-year to $83.5 billion and imports vault 21.7 percent to $73.6 billion on the back of a global trade recovery and a rise in oil prices. The trade surplus stood at $9.9 billion over the two-month period.
South Korea’s FTA partner countries, including the United States, China and the European Union, accounted for 68 percent of its total trade.
