South Korea’s exports are likely to gain ground in November, weathering the global economic slowdown and the local currency’s ascent to the US dollar, data showed Thursday.
The value of Korea’s outbound shipments reached US$28.2 billion during the first 20 days of this month, up 1.7% from a year earlier, according to estimates by the finance ministry and the state-run customs agency.
The uptrend comes after South Korea’s exports grew 1.1% in October from a year earlier, the first on-year gain in four months, according to South Korea’s (Yonhap) News Agency.
“Exports to China were good and given the trend that export volumes pick up toward end-month, the country’s exports are likely to show improved performance,” said an official at the finance ministry.
South Korea’s exports, which account for about 50% out of the economy, have weakened, hit by the protracted eurozone debt crisis and China’s slowing economy.
The country’s imports remain sluggish mainly because domestic demand is in the doldrums and local firms are refraining from increasing investment.
Korea has maintained the trade surplus since February as imports have fallen at a faster pace than exports amid the global economic slowdown.
The central bank’s 2012 economic growth stood at 2.4% and its forecast for the full-year growth of goods exports came in at 3.4% , slowing from 10.5% last year.