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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Philippines’ Recto sees rate-cut delay risk if peso sinks to 59
Ecuador president declares state of emergency over energy crisis
US Senate has agreement on Fisa reauthorisation, will vote on Friday night, Schumer says
US expects to finalise new Aukus trade exemptions in next 120 days
IMF concerned about debt, fiscal challenges facing low-income countries
Bank of Japan’s Ueda says ‘very likely’ to hike rates if inflation keeps rising