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SEOUL (Scrap Monster): South Korea’s steel export values increased sharply by 44.4% year-on-year to $3.6 billion in February, according to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy.

According to the data, country's total export value rose by 22.7% year-on-year to $47.2 billion and in February trade balance indicate a $2.2bn surplus.

The export value of ships in South Korea reported an increase of 9.6% year on year to $4.6 billion in February while its general machinery exports reached a value of $4.3 billion, climbing by 37.1 % year on year.

Exports to emerging economies such as China and ASEAN countries continued to grow in February while exports to key trading partners like United States and European Union increased compared to last February.

South Korea's imports rose by 23.6% year on year hitting $45 billion in February. Inbound shipments of raw materials gained 24.7 % on the back of rising demand for gas, crude oil and coal.