SEOUL: South Korea’s exports were weaker than expected in February as an upswing in developed economies was slow to come while emerging markets were suffering from financial uncertainties, the trade ministry said on Saturday.

Exports for the month came to $42.99 billion, up 1.6 per cent from a year earlier, while imports were $42.06bn, up 4.0pc, leaving a $930 million trade surplus.

“The recovery in developed economies remains feeble while emerging markets continue suffering from a financial crunch, resulting in the weaker-than-expected exports”, it said.

Exports of wireless telecom equipment such as mobiles surged 34.5pc on-year, as shipments of semiconductors were up 14.5pc and autos up 9.1pc. Petroleum products exports slumped 15.4pc and those of ships sunk 7pc.

On Tuesday, President Park Geun-Hye unveiled a three-year plan to rebalance the export-reliant economy.—AFP