South Korea Exports Rise for 1st Time in 7 Months
Exports from South Korea jumped 7.7 percent from a year earlier to USD 48 billion in September 2020, the first time increase in seven months and the strongest growth since October 2018, and beating market expectations of a 2 percent rise, as more countries gradually reopen the economy, after loosening of restriction measures to combat the spread of the coronavirus. Exports of chips surged 11.8 percent, while exports of automobiles jumped 23.2 percent, marking the first increase in six months. Also, exports of electronics spiked 30.2 percent, while exports of computers soared 66.8 percent. Amid the coronavirus pandemic, exports of bio-health surged nearly 80 percent. Meanwhile, exports of petrochemical products fell 5.3 percent, due to the falling global oil prices. Among key trade partners, exports rose to China (8.2 percent), the US (23.2 percent), ASEAN (4.3 percent), the EU (15.4 percent), while dropped to Japan (-6 percent).
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