SEOUL--South Korea's exports shrank in February for the 14th consecutive month, marking the longest streak of declines in the country on soft global demand, according to the Ministry of Trade, Industries and Energy.
Exports dropped 12.2% from a year earlier to $36.42 billion in February, following a revised 18.8% fall in January, preliminary data released Tuesday by the ministry showed. The February reading--which fell at a slower pace than the previous month--compares with market expectations for a 14.9% drop.
Imports plunged 14.6% from a year earlier to $29.02 billion in February, following a revised 20.0% decline in January. The market had forecast a 15% drop in February.
The trade surplus widened to $7.39 billion in February from the previous month's revised $5.2 billion. The February reading beat the market projection for a $6.67 billion surplus.
South Korea's shipments overseas declined throughout last year. Sluggish global trade, lower oil prices and a slowdown in China--which takes in a quarter of Korea's total exports--weighed on global demand for Korean goods.
In 2015, South Korean exports contracted 8% from a year earlier--the sharpest decline in six years.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
