Seoul: South Korea's exports increased by nearly 30 percent in February compared to the previous year, setting a new record for the month. This growth was fueled by a high demand for semiconductors, according to government data released on Sunday.

According to Yonhap News Agency, the Ministry of Trade, Industry and Resources compiled data showing that outbound shipments reached $67.45 billion last month. This marks a 29 percent rise from the $54.2 billion recorded in the same period the previous year.

The data also revealed that imports grew by 7.5 percent year-on-year to $51.94 billion. This increase resulted in a trade surplus of $15.51 billion for the month.