Trade
South Korea Exports Accelerate as Shipments to US Overtake China
- Chips lead rebound in exports that underpin economic growth
- South Korea’s exports forecast to increase 7.9% in 2024
South Korea’s exports will probably rise by 7.9% in 2024, reaching $680 billion, according to base-case forecasts by the Korea International Trade Association.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
South Korean exports continued to grow last month, helped by rising demand from the US that overtook China as the biggest market for the first time in two decades.
The value of global shipments adjusted for working-day differences increased 14.5% from a year earlier, according to data released Monday by the trade ministry. Headline exports rose 5.1%, compared with economists’ forecasts for a 3.7% increase. Overall imports declined by 10.8%, resulting in a trade surplus of $4.5 billion.