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S. Korea's Nov. exports tipped to rebound 6.6 pct: poll

All News 09:08 November 26, 2020

By Kang Yoon-seung

SEOUL, Nov. 26 (Yonhap) -- South Korea's exports are expected to rebound by rising 6.6 percent on-year in November following a brief fall in the previous month, on the back of stronger demand for chips and automobiles, a poll showed Thursday.

The country's outbound shipments are estimated to reach US$46.9 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on eight local brokerage houses.

Imports were estimated at $40.3 billion this month, resulting in a trade surplus of $6.5 billion.

The country's exports sank 3.6 percent in October, after rising 7.7 percent in September, which marked the first rebound in seven months.

S. Korea's Nov. exports tipped to rebound 6.6 pct: poll - 1

Experts attributed the rebound to strong overseas sales of chips and automobiles on the back of the recovery of major virus-hit economies.

Customs data showed earlier this month that exports of Asia's No. 4 economy shot up 11.1 percent on-year in the first 20 days of November.

By segments, outbound shipments of chips, the mainstay export goods, are anticipated to jump 21.9 percent on-year in November, with exports of cars rising 12 percent. Outbound shipments of mobile devices are also widely expected to climb 36.2 percent over the period.

Sales of petroleum products, however, are expected to halve on-year in November, apparently due to the falling global price of oil.

Despite the rebound, experts say the global resurgence of COVID-19 cases may again deal a harsh blow to outbound shipments over the remaining 2020, as well as early next year.

South Korea will release its official monthly trade data Tuesday.


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