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South Korea’s November exports were the biggest monthly data recorded, driven by price and volume hikes.
South Korean exports grew at the fastest pace in three months in November, driven by the post-pandemic recovery of major trading partners that boosted demand for chips and petrochemicals, but the Omicron variant could pose a risk to the export-dependent economy.
Exports in November rose 32.1% from a year earlier, the highest since August and surpassing the 27.7 per cent increase seen in a Reuters poll. This also marked a double-digit spread for the ninth consecutive month.
Total exports totaled $ 60.44 billion in November, the highest monthly figure, according to data from the Ministry of Commerce.
The result is good for the Korean economy, boosting export-based growth, among the COVID-19 cuts that have hindered the recovery of household spending. The upcoming holiday season probably boosted foreign demand, and the stabilization of China’s manufacturing sector provided additional support.
“Wednesday’s export data looks pretty good. Despite concerns about easing demand in China and slowing down the semiconductor industry, exports are seen as resilient, ”said Park Sang-hyun, chief economist at Hi Investment & Securities.
“Development of the Omicron variant and supply chain issues are the most important variables for exports, but for now, it looks like the momentum for the recovery will continue through December and 2022.”
Thirteen of the 15 key items saw sales growth, with semiconductors, petrochemicals and packaging up 40.1 percent, 63 percent and 237.6 percent, respectively. Exports of car components fell 2.2 percent as a shortage of car chips disrupted global car production.
Meanwhile, exports to the nine main trading partners grew, to China, the United States and the European Union by 27.1%, 22% and 18.9%, respectively.
The CEO of the modern vaccine maker on Tuesday questioned the effectiveness of COVID-19 vaccines against the variant, frightening financial markets and raising concerns about further disruptions in the supply chain.
South Korea reported a record 5,123 coronavirus cases on Tuesday, but no Omicron cases were reported.
Wednesday’s data also saw imports grow 43.6 percent year-over-year, exceeding the forecast for a 40.5 percent expansion, to $ 57.36 million. This brought the trade surplus to $ 3.09 billion.
The evolution of exports in November was a combination of rising prices and volumes, the ministry said. Export prices rose by 22.1 per cent and volume by 8.2 per cent.
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