S. Korean exports to jump 35.8 pct in June on global economic recovery: poll

SEOUL, June 28 (Yonhap) — South Korea’s exports are forecast to soar 35.8 percent on-year in June on brisk demand for chips and automobiles from major economies, a poll showed Monday.

Outbound shipments are estimated at US$53.2 billion this month, according to the survey of eight brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency.

Imports are projected to swell 34.7 percent from a year earlier to $48.2 billion, resulting in a trade surplus of $5 billion.

The country’s exports rose 29.5 percent on-year in the first 20 days of June thanks to robust demand for chips, autos and petroleum products, separate data by the Korea Customs Service showed earlier.

By product, chips, the mainstay export item, are expected to jump 28.5 percent on-year this month, leading the overall gain. Chips normally take up roughly 20 percent of South Korea’s total outbound shipments.

Amid the recovery of consumer sentiment around the world, exports of cars are projected to spike 62.2 percent, with those of petroleum products and mobiles likely to expand 58.6 percent and 15.8 percent, respectively, the poll showed.

South Korea will release its official data for this month’s exports and imports Thursday.

Experts project South Korea’s exports to remain resilient in July as the United States and other major economies bounce back from the fallout from the coronavirus pandemic.