South Korea’s trade data indicated the trend toward declining exports moderated further in the first part of September, raising hopes for a return to growth later this year.
(Bloomberg) — South Korea’s trade data indicated the trend toward declining exports moderated further in the first part of September, raising hopes for a return to growth later this year.
Daily shipments decreased 7.9% on average in the first 20 days of the month compared with a year earlier, the customs office said Thursday. That’s a smaller drop than the 8.3% decline for the full month of August. Total exports advanced 9.8%, as there were more working days compared with the same period last year.
The report helps lend credence to predictions by Korean policymakers in recent weeks that exports could return to growth before the end of the year. Korean authorities are pinning hopes on rebounding exports to help the economy achieve 1.4% growth this year.
Key to any bounce will be prices for semiconductors that drive the country’s exports. Global semiconductor sales, one indicator of demand, have started to show signs of resilience in recent months, according to the Semiconductor Industry Association.
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