South Korea Export: It will grow for the first time in 13 months
- Author:sofreight.com
- Source:sofreight.com
- Release Date:2023-10-31
According to a latest survey, South Korea, which is regarded by the market as the global economy, is expected to end the downturn for a year in October and turn to growth, because the demand in the United States is strong and chip shipments have risen.
South Korea is scheduled to announce the monthly trading data of October on November 1 (Wednesday).
As the vane of global trade, South Korea is the first major export economy to announce monthly trade data, which provides clues for the health of global demand.
According to the mid -value survey of 12 economists, it is estimated that the foreign exports of this fourth largest economy in Asia are expected to increase by 5.5%compared with the same period last year, higher than the 4.4%decrease in September.This will end the situation where exports have declined for 12 consecutive months as of September.
Economists said that the growth in October may be strongly exported to the United States and the promotion of the recovery of the semiconductor export. At the same time, the base effect also provides support after a year of downturn.
"South Korea's export recovery may continue until next year," said Chun Kyu-Yeon, a Korean and Asian securities economist.
According to data released by the Korean Customs Department earlier, South Korea ’s export volume increased by 4.6%year -on -year in 20 days in October, of which exports to the United States increased by 12.7%.
Hi Investment Securities Economist Park Sang-Hyun said: "The trend of export growth may be continued on the basis of the base effect, but the degree of recovery is expected to be weak."
At the same time, the survey also shows that in the case of rising oil prices, South Korea's imports in October may decrease by 4.3%year -on -year. In contrast, the decrease in September was 16.5%, which is the most gentle decline in eight months.
This will make the country's trade balance turn into a deficit in October after four consecutive months.The medium value of the survey is $ 2 billion in the deficit, which is sharply reversed compared to the 3.7 billion US dollars in September.
South Korea is scheduled to announce the monthly trading data of October on November 1 (Wednesday).
As the vane of global trade, South Korea is the first major export economy to announce monthly trade data, which provides clues for the health of global demand.
According to the mid -value survey of 12 economists, it is estimated that the foreign exports of this fourth largest economy in Asia are expected to increase by 5.5%compared with the same period last year, higher than the 4.4%decrease in September.This will end the situation where exports have declined for 12 consecutive months as of September.
Economists said that the growth in October may be strongly exported to the United States and the promotion of the recovery of the semiconductor export. At the same time, the base effect also provides support after a year of downturn.
"South Korea's export recovery may continue until next year," said Chun Kyu-Yeon, a Korean and Asian securities economist.
According to data released by the Korean Customs Department earlier, South Korea ’s export volume increased by 4.6%year -on -year in 20 days in October, of which exports to the United States increased by 12.7%.
Hi Investment Securities Economist Park Sang-Hyun said: "The trend of export growth may be continued on the basis of the base effect, but the degree of recovery is expected to be weak."
At the same time, the survey also shows that in the case of rising oil prices, South Korea's imports in October may decrease by 4.3%year -on -year. In contrast, the decrease in September was 16.5%, which is the most gentle decline in eight months.
This will make the country's trade balance turn into a deficit in October after four consecutive months.The medium value of the survey is $ 2 billion in the deficit, which is sharply reversed compared to the 3.7 billion US dollars in September.