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29 Dec 2021

S.Korea Exports Surging for the 14th Straight Month in Dec amid Inflation Forecast

The Index Today

South Korean exports seen growing for a 14th straight month in December on year-end holiday, reports say that it is because of high demand for chips and petrochemical goods, while inflation is expected to remain near a decade high.

According to the median forecast of 13 analysts, December exports in terms of value were seen expanding 22% from a year earlier, slowing from a 32% jump in November.

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

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, Reuters reported.

Reuters Tuesday's poll showed imports were seen growing 35.8% from a year earlier in December, also slowing from a 43.6% surge in November.

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