By Anil Mathews (ScrapMonster Author)

April 05, 2016 06:02:01 AM

SEOUL (Scrap Monster): The latest trade statistics released by the Korean government authority indicates sharp rise in country’s scrap exports during the month of February this year.

According to government data, Korean scrap exports totaled 47,000 tons during the month. This is the second consecutive month that the scrap exports from the country have managed to defend the 40,000 tons level. The Feb ’16 scrap exports were up significantly by 23.7% when compared with a year before. The country’s scrap exports had totaled 38,000 tons during February last year. When matched with the month before, Korea’s scrap exports in Feb ’16 were up by 9.6%. The country had exported nearly 43,000 tons of scrap during January this year.

The largest export destination of Korean scrap during February this year was Bangladesh. The scrap exports to Bangladesh totaled 20,000 tons during the month, accounting for nearly 43% of the total scrap exports by Korea during the month. The Korean scrap exports to Bangladesh surged higher by 30% over the previous month. The exports had totaled 15,000 tons in January this year.

The cumulative scrap exports by Korea during the initial two-month period of the year totaled 90,000 tons, significantly higher by almost 21% when compared with the corresponding two-month period in 2015. The country had exported 75,000 tons of scrap during Jan-Feb in 2015.

The Korean scrap exports are estimated to total around 5.4 million tons during the entire year 2016.