Daily turnover of South Korean exports has neared the $2 billion threshold last seen in September 2015, raising hope that exports that had stayed sluggish for the last two years may finally have bottomed out thanks to recovery in oil and memory chip price and demand.
According to the Ministry of Strategy and Finance and Korea Customs Service on Monday, the nation’s daily turnover in overseas commodity shipment is set to top $2 billion this month.
Daily export value that had averaged above $2 billion until 2014 slipped to $1.92 billion in January 2015. Shipment has been recovering since November, averaging $1.96 billion last month versus $1.87 billion in October 2016.
Korean exports gained upward momentum from strong demand in Korea’s mainstay electronic components and petrochemical products. Exports of petrochemical products jumped 72.3 percent and semiconductor shipments 54.2 percent on year last month.
By Kim Se-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]