Korea exports up almost 8%

Korean export growth in August picked up more than expected, data showed on Sunday, suggesting gathering momentum for the trade-dependent economy amid signs of stabilization in advanced countries.

Overseas shipments last month rose by 7.7 percent from a year earlier, the Ministry of Trade, Industry and Energy said, following a revised 2.6 percent rise. It marked the strongest growth since a 10.9 percent rise in January.

Growth in shipments by Asia’s fourth-largest economy was better than even the highest forecast from a Reuters poll of 15 analysts, who predicted growth of between 1.1 percent and 6.9 percent.

The average export value per working day - useful for analyzing monthly trends - stood at $1.97 billion in August, higher than a revised $1.83 billion in July, Thomson Reuters calculations show.

Imports in August rose 0.8 percent in annual terms, compared with the median 2.7 percent rise tipped by the Reuters poll.

The Bank of Korea forecast third-quarter sequential economic growth would accelerate from a seasonally adjusted 1.1 percent estimated for the April-June period.

Reuters