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Exports rebound in Nov. amid virus resurgence

All News 09:03 December 01, 2020

By Kang Yoon-seung

SEOUL, Dec. 1 (Yonhap) -- South Korea's outbound shipments rebounded by rising 4 percent in November from a year earlier on the back of the economic recovery of major trade partners, although a resurgence in new virus cases still pose risks of delaying a full-fledged recovery.

Outbound shipments came to US$45.8 billion last month, compared with $44 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports fell 2.1 percent to $39.8 billion, resulting in a trade surplus of $5.93 billion.

The latest figure slightly falls short of market expectations. According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country's November exports were expected to have risen 6.6 percent on-year.

Exports rebound in Nov. amid virus resurgence - 1

South Korean exports posted their first on-year rebound in 14 months in February, but the recovery was short-lived as the COVID-19 pandemic has dealt a harsh blow to key export products.

Asia's fourth-largest economy extended its slump in exports to a sixth month in August, before rebounding 7.7 percent in September on increased shipments of chips and automobiles. In October, exports moved down 3.6 percent due to fewer working days and a resurgence in the virus.

The country's central bank, meanwhile, revised up this year's economic outlook last week on signs of a modest recovery in exports.

The bank expected the economy to shrink 1.1 percent this year, compared with the previous forecast of a 1.3 percent retreat.


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