Korea Early Exports Rise in Sign of Resilient Global Demand
2022.04.21 08:31
© Bloomberg. Container ships are docked as shipping containers sit in the Busan Port Terminal (BPT) in Busan, South Korea, on Tuesday, Oct. 13, 2020. South Korea’s central bank left its key interest rate unchanged on Wednesday amid signs that a resurgence of the coronavirus at home is waning and exports and inflation are picking up. Photographer: SeongJoon Cho/Bloomberg
(Bloomberg) — South Korea’s early trade data indicate exports are set to post strong gains in April, underscoring the resilience of global commerce to upheavals caused by war in Ukraine and China’s lockdowns.
Exports advanced 16.9% in the first 20 days of the month from a year earlier, led by semiconductors, the customs office reported Thursday. Imports advanced by 25.5%.
South Korea releases trade data earlier than most countries and its 20-day performance is closely watched as an indicator of global demand due to Korean companies’ deep integration into the world’s supply chains.
Exports are a major component of South Korea’s economy, which is expected to miss growth estimates this year as inflationary pressures overshadow consumption worldwide. Russia’s war on Ukraine is compounding difficulties, while China’s measures to contain Covid are weighing on the export outlook.
Exports to China, the biggest buyer of Korean goods, rose 1.8% between April 1-20 from a year earlier, while shipments to Hong Kong plunged 32.3%.
Exports to the U.S. advanced 29.1%, while those to the European Union climbed 12.3% and those to Japan increased 9.6%.
Overall semiconductor shipments increased 22.9%. Exports of cars edged down 1%, while oil products jumped 82%. Sales of wireless communication devices fell 10.7%.
(Adds details throughout.)
©2022 Bloomberg L.P.
