South Korea’s export boom seen sustained in August on strong chip demand: Reutser Poll
FILE PHOTO: Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
SEOUL, Aug 28 : South Korean exports likely extended their robust growth in August to mark a 15th consecutive month of gains, driven by surging global demand for AI chips, a Reuters poll showed on Thursday.
A median forecast of 10 economists projected that exports from Asia’s fourth-largest economy – a bellwether for global trade – rose 62.6 per cent in August from a year earlier, matching the momentum of July’s 63 per cent surge.
Analysts said that the gains continued to be anchored by memory chip giants Samsung Electronics and SK Hynix, which are benefiting from climbing prices fueled by the AI investment boom.
“IT exports, particularly semiconductors, are expected to sustain high export growth. However, automobile exports will likely experience a slight slowdown, impacted by factors such as labour strikes in the automotive sector,” Park Sang-hyun, an economist at iM Investment and Securities, said.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
“Looking ahead, while global manufacturing strength will continue to support this semiconductor-led upward trend, the year-over-year export growth rate is projected to gradually decelerate due to base effects.”
The survey tipped imports to rise 24.7 per cent in August from a year earlier.
The monthly trade surplus was forecast at a median $30.74 billion, compared with $30.40 billion in the previous month.
South Korea is scheduled to report trade figures for August on Tuesday, September 1, at 9 a.m. local time (0000 GMT).
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
