South Korea's March exports set to rise on chip-led demand
South Korea's exports are expected to have risen in March for a sixth straight month, as strong demand for semiconductors continued to lead growth, a Reuters poll showed on Thursday (Mar 28). Exports out of Asia's fourth-largest economy are forecast to have increased 5.2 per cent in March from a year earlier, a median estimate of 10 economists showed in the survey.
That would come after a 4.8 per cent rise in February, which was the slowest in the current sequence of annual gains that started in October, and was distorted by an unfavourable comparison base from the timing difference in the Lunar New Year holidays.
In the first 20 days of this month, exports rose 11.2 per cent, as chip exports jumped 46.5 per cent, which have been rising since November.
"Global manufacturing activity is recovering, albeit at a moderate pace, so the recovery in domestic exports will continue, with semiconductors leading," said Park Sang-hyun, economist, HI Investment Securities.
The poll also forecast imports down 8.1 per cent in March from a year earlier, after dropping 13.1 per cent in February. That would mark the 13th consecutive month of declining imports.
South Korea is scheduled to report trade figures for March on Monday, Apr 1, at 9am (0000 GMT).
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