South Korea's January exports likely to grow for third month underpinning recovery momentum: Reuters poll
Reuters
Published Jan 28, 2021 12:32AM ET
By Joori Roh and Jihoon Lee
SEOUL (Reuters) - South Korea's exports likely expanded for a third straight month in January on continued strong chip sales and overseas demand, a Reuters poll showed on Thursday, underpinning export-led recovery hopes in the economy.
Overseas sales in the first month of 2021 were seen increasing 9.8% from a year earlier, according to a median estimate of 12 economists.
That would be slower than a 12.6% rise in December, when it marked the sharpest growth in over 2 years, but remaining on a recovery track that began in November.
"Interim exports data showed that the two key semiconductor and auto sectors were pretty strong with double-digit growth. We also noticed the sustained strength of exports to the U.S. and EU despite the worsening of the pandemic in these two major economies," said Oh Suktae, economist at Societe Generale (OTC:SCGLY).
Preliminary data showed shipments of chips and cars jumped 11.6% and 15.7%, respectively, during Jan. 1-20.
Imports were expected to have risen 1.9% in January, after growing 2.2% last month, on higher oil and commodity prices.
Economists see vaccine distribution and easing of coronavirus-related regulations in major economies to further tow the export recovery track.
"Vaccination is already underway in some of South Korea's major trading partners, which will likely lead to a more sustained relaxation of social distancing measures. This should support a rebound in global trade this year, providing a tailwind for South Korean exports," said Lloyd Chan, an economist at Oxford Economics.
Trade data for January will be out on Feb. 1 at 9 a.m. local time (0000 GMT).
Meanwhile, 15 economists predicted industrial output in December would expand by a seasonally adjusted 1.2% month-on-month, after rising 0.3% a month earlier.
Nine economists also estimated consumer prices in January would rise a median 0.3% year-on-year, slowing from December's 0.5% rise.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.