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This file photo, taken April 1, 2021, shows ships carrying containers docking at a port in South Korea's southeastern city of Busan. (Yonhap) |
South Korea's exports are expected to rise a whopping 47.5 percent on-year in May on the back of the global economic recovery, which led to higher demand for chips and automobiles, a poll showed Thursday.
Outbound shipments are estimated at US$51.3 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on eight brokerage houses.
Imports are estimated to rise 39.8 percent over the period to $48.4 billion, resulting in a trade surplus of $2.9 billion.
The country's exports rose 53.3 percent on-year in the first 20 days of May, separate data compiled by the Korea Customs Service showed earlier.
By segment, chips, the mainstay export product, were expected to increase 26 percent on-year this month, leading to the overall gains. Chips normally take up roughly 20 percent of the combined outbound shipments.
Amid the recovery of consumer sentiment around the globe, exports of cars are also expected to more than double by soaring 146 percent on-year.
Outbound shipments of petroleum products and mobile devices are estimated to rise 149 percent and 64 percent, respectively, the poll showed.
Experts, however, say South Korea's export growth may lose steam down the road for the remaining 2021 on a higher base effect.
Last year, the country's outbound shipments came to $512.8 billion, down 5.4 percent from 2019 in the aftermath of the COVID-19 pandemic.
Exports jumped 41.1 percent on-year in April, the highest growth in around 10 years, as demand for chips and automobiles stayed strong amid the improving global economy.
South Korea will release its official monthly data Tuesday. (Yonhap)
