Preliminary export statistics indicate strong fourth quarter

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Preliminary export statistics indicate strong fourth quarter

Korea’s exports for the first 20 days of December rose by 11.3 percent from a year earlier, customs agency data showed Saturday, suggesting firm fourth-quarter growth momentum.

Overseas shipments for the period stood at $30.513 billion, according to data published on the Korea Customs Service website, while imports rose 10.3 percent from a year earlier to $30.916 billion. This translates to a trade deficit of $403 million.

The Bank of Korea said this month it expected the economy to grow by at least a seasonally adjusted 0.8 percent in the October-December period on quarterly terms, after 1.1 percent growth from July through September.

Though the customs service did not disclose a detailed breakdown, firmer imports also could hint at improving domestic demand.

A pickup in private consumption and capital investment would bolster growth.

The Bank of Korea’s composite consumer sentiment index rose to a 33-month high in November, but the central bank’s index measuring manufacturers’ assessment of business conditions for December eased from the previous month, offering a mixed picture.

Reuters

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