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SEOUL: Robust demand for South Korea’s memory chips and ships are expected to have boosted exports for a ninth month in a row in July, a Reuters poll showed on Wednesday, underscoring strengthening momentum in Asia’s fourth-largest economy.
The median forecast of the 10 analysts polled was for exports to soar 17.4 percent from a year earlier, accelerating from 13.6 percent growth in June. Imports were seen growing 15.6 percent after jumping 19.8 percent a month earlier.
“Demand for memory chips and shipbuilding are still roaring, and sales of South Korean cars are also in good shape,” Park Sang-hyun, chief economist at HI Investment & Securities said.
“Shipment growth to the U.S., Europe and China will continue to grow in the second half of the year,” Park said.
Overseas sales of semiconductors surged 55.3 percent in June from a year earlier while that for shipbuilding gained 44.3 percent, data from the Korea Customs Service showed.
The robust numbers mirrored a brightening outlook for global growth and external demand, helping lift Asia’s export-led economies, particularly the prominent tech manufacturing countries such as Japan, South Korea and Taiwan.
By destinations, exports growth to Japan and China rose 10.4 percent and 5.1 percent on-year respectively in June, while that to the U.S. declined 1.1 percent.
Economists expect exports growth to be sustained through the end of this year, albeit at a slower pace, as recovering economies in the U.S. and China will support shipments.
The nation’s finance ministry on July 25 upgraded this year’s growth outlook to 3 percent for 2017, the highest in three years, as exports growth exceeded expectations.
The same poll showed that July annual inflation was expected to be 2.1 percent, accelerating slightly from 1.9 percent in June.
June factory output was forecast to increase 1 percent from a month earlier after gaining 0.2 percent in May.
Industrial output data is due on Friday, and trade data as well as inflation indicators will be published on August 1.
