© Reuters. FILE PHOTO: A truck carrying a transport container travels previous cranes at Pyeongtaek port in Pyeongtaek, South Korea, July 9, 2020. REUTERS/Kim Hong-Ji/File Photo
By Cynthia Kim
SEOUL (Reuters) – South Korean exports marked an eighth straight month of double-digit growth 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% growth from September however lacking the 27.0% growth seen in a Reuters ballot.
Asia’s fourth-largest financial system is broadly thought-about 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% growth in September.
The $55.83 billion of exports logged in September was a report in phrases of month-to-month shipments, however the tempo of growth will sluggish within the coming months with the post-lockdown restoration now previous its peak, stated Park Chong-hoon, an economist at Standard Chartered (OTC:) Bank of Korea.
“Exports growth will slow to between 10% and 20% in the coming months, as the base effect fades,” Park stated. “Having said that, demand for South Korean products will remain strong as we see in shipment volume.”
By vacation spot, exports to all 9 main commerce companions together with China, the United States and Europe, elevated for a seventh month in a row, a press release from the commerce ministry confirmed.
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