(Bloomberg) -- South Korea’s export growth accelerated last month, led by record demand from the US fed by strong economic momentum as China struggles to...
-- South Korea ’s export growth accelerated last month, led by record demand from the US fed by strong economic momentum as China struggles to recover from a domestic slump.Wall Street Hit by Fed Jitters to Close Wild April: Markets WrapShipments that reflect working-day differences increased 11.3% from a year earlier, according to data released Wednesday by the customs office. Without the adjustment, headline exports rose 13.8% while overall imports increased 5.4%. The trade surplus came to $1.
“South Korea is enjoying a windfall from more and more Chinese products being driven out of the US,” Chang said. “The odds are becoming stronger that more exports will keep going to the US than China.China, which was the No. 1 destination for South Korean products for two decades, is struggling to rebound from a consumption slowdown triggered by a property market slump. It reported a surprise decline in industrial profits in March, underscoring the risks.
Semiconductor sales have been recovering even as Middle East tensions persist and global interest rates stay elevated, pressuring consumption. Top companies including SK Hynix Inc. and Samsung Electronics Co., have reported better-than-expected earnings as demand for the memory chips that power modern electronics and artificial intelligence rebounds from last year’s downturn.
“Recent data suggest the strength in Asian exports may still have some way to go,” Sheana Yue, an Oxford Economics economist, said. “The chip upcycle should keep exports of advanced semiconductors and associated manufacturing equipment elevated. But we maintain our caution about the general outlook for external demand.”
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