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South Korea central bank sees exports continuing gradual improvement
[SEOUL] South Korea's exports will continue to gradually improve in the coming months thanks to strong global demand for memory chips and petrochemical products, the country's central bank said in a regular report on Monday.
An assessment from the Bank of Korea's 15 regional offices nationwide noted that manufacturers have expanded facilities to meet soaring global demand for memory chips and petrochemical products.
Exports from Asia's fourth largest economy rose at a double-digit pace in August, marking the eight straight month of expansion - the longest growth in shipments since 2011.
The BOK, however, expects dwindling exports of cars and auto components as sales decline in China after Beijing retaliated against South Korea's planned deployment of a US anti-missile defence system in the country.
Private consumption will sustain its current recovery as spending is expected to increase during the Autumn holiday season and as the government boosts fiscal stimulus on its job creation programme, the report said.