Monday, 24 January, 2022

S Korea exports seen growing for 14th month in Dec

S Korea exports seen growing for 14th month in Dec

Popular News

SEOUL: South Korean exports likely grew for a 14th straight month in December on year-end holiday demand for chips and petrochemical goods, while inflation is expected to remain near a decade high, a Reuters poll showed on Tuesday.

December exports in terms of value were seen expanding 22per cent from a year earlier, slowing from a 32per cent jump in November, according to the median forecast of 13 analysts, report agencies.

“December shipments are expected to exceed US$60 billion in value as demand is strong even as chip prices are declining, and petrochemical products are also enjoying record demand,” said Ye-in Kim, an analyst at Korea Investment & Securities.

The nation’s trade ministry said on Dec. 13 annual overseas shipments had reached a record high as of early December this year, supporting an economy that has relied on exports to underpin growth as social-distancing curbs to combat COVID-19 hurt domestic demand.

Tuesday’s poll showed imports were seen growing 35.8per cent from a year earlier in December, also slowing from a 43.6per cent surge in November.

The full-month trade data will be published on Saturday at 9 a.m. local time (0000 GMT).

Analysts expect South Korea’s consumer inflation at 3.6per cent in December, remaining above the central bank’s 2per cent target for a ninth month in a row.