S.Korean exports mark 8th straight month of double-digit growth By Reuters

news7h 11/01/2021

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S.Korean exports mark 8th straight month of double-digit growth

By Cynthia Kim

SEOUL (Reuters) – South Korean exports marked an eighth straight month of double-digit development in October, propelled by post-lockdown recoveries in main markets, which pushed up demand for Korean chips and petrochemical merchandise.

Exports surged 24.0% in October from a yr earlier, quicker than the 16.7% development from September however lacking the 27.0% development seen in a Reuters ballot.

Asia’s fourth-largest financial system is extensively thought of a bellwether for world commerce as it’s the first to launch export information amongst main buying and selling economies.

Imports jumped at a quicker 37.8% on-year, additionally accelerating from a 31.0% enlargement in September.

The $55.83 billion of exports logged in September was a file when it comes to month-to-month shipments, however the tempo of development will sluggish within the coming months with the post-lockdown restoration now previous its peak, mentioned Park Chong-hoon, an economist at Commonplace Chartered (OTC:) Financial institution of Korea.

“Exports development will sluggish to between 10% and 20% within the coming months, as the bottom impact fades,” Park mentioned. “Having mentioned that, demand for South Korean merchandise will stay robust as we see in cargo quantity.”

By vacation spot, exports to all 9 main commerce companions together with China, the US and Europe, elevated for a seventh month in a row, an announcement from the commerce ministry confirmed.

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