South Korean exports post double-digit growth for eighth straight month By Reuters – News Couple

South Korean exports post double-digit growth for eighth straight month By Reuters

© Reuters. FILE PHOTO: A truck carrying a shipping container passes by cranes at Pyeongtaek Port in Pyeongtaek, South Korea, July 9, 2020.

Written by Cynthia Kim

SEOUL (Reuters) – South Korea’s exports posted double-digit growth for the eighth consecutive month in October, driven by a post-lockdown recovery in key markets, which boosted demand for Korean chips and petrochemical products.

Exports rose 24.0 percent in October from a year earlier, faster than their 16.7 percent growth from September but missing the 27.0 percent growth seen in a Reuters poll.

Asia’s fourth largest economy is widely considered a leader in global trade because it is the first to publish export data among the major trading economies.

Imports jumped at a faster rate of 37.8% on an annual basis, and also accelerated the expansion of 31.0% in September.

The $55.83 billion in exports recorded in September was a record in terms of monthly shipments, but the pace of growth will slow in the coming months as the post-lockdown recovery passes its peak, said Park Chung-hoon, economist at Standard Chartered. (Out of stock: Bank of Korea).

“Export growth will slow to between 10% and 20% in the coming months, as the underlying effect wears off,” Park said. “Having said that, the demand for South Korean products will remain strong as we see in the volume of shipment.”

A statement from the Commerce Department showed that by destination, exports to all nine major trading partners, including China, the United States and Europe, increased for the seventh month in a row.

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