South Korea Exports Grow for 5th Month
Exports from South Korea jumped 16.6 percent from a year earlier to USD 53.8 billion in March of 2021, faster than a 9.5 percent increase in the previous month, and above market expectations of a 16.2 percent gain, a preliminary estimate showed. Exports advanced for a fifth straight month, amid strengthening global demand. Exports of chips rose by 8.6 percent, while those of automobile jumping 15.3 percent. Meanwhile, exports of rechargeable batteries were up 23.5 percent on the back of the green energy drive of the new U.S. administration, and those of bio-health products also surging 43.6 percent. Also, exports of ships soared 63.9 percent, as local shipbuilders clinched a series of major deals. At the same time, outbound shipment of petroleum products rose 18.3 percent, the first increase in more than two years. Among key trade partners, exports were up to the US (9.2 percent), China (26 percent), the EU (36.6 percent) and the ASEAN countries (10.8 percent).
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