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S. Korea's exports set to maintain solid growth over Q3: KITA

Economy 11:00 June 24, 2021

By Kang Yoon-seung

SEOUL, June 24 (Yonhap) -- South Korea's exports are expected to continue their growth over the third quarter on the back of the global economic recovery, a trade association said Thursday.

The country's export business survey index (EBSI) for the July-September period in 2021 came to 113.5, according to a survey carried out by the Korea International Trade Association (KITA).

A reading above 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite. The survey was carried out on 1,201 exporters.

The reading has stayed above 110 for three consecutive quarters, reaching 120.8 in the second quarter.

S. Korea's exports set to maintain solid growth over Q3: KITA - 1

The improved outlook came on the back of the strong global demand for auto parts, ships and petroleum products.

Exports of automobiles are also anticipated to continue to rise down the road on the back of SUVs and electric cars, KITA said.

Outbound shipments of steel and agricultural products, on the other hand, are expected to decrease compared with the second quarter.

South Korea's exports rose 29.5 percent on-year in the first 20 days of June on the back of robust demand for chips, autos and petroleum products, customs data showed last week.

By sector, outbound shipments of memory chips, a key export item, rose 28.5 percent on-year, and those of autos jumped 62.2 percent despite global supply shortages of automotive chips.

The combined exports have been rising for seven consecutive months through May this year, underscoring a rebound from the pandemic-caused slump.

colin@yna.co.kr
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