South Korea\u2019s exports are expected to climb by double digits again in June as much of the world\u2019s economy shakes off the effects of the pandemic.\u00a0<\/p>\n\n\n\n
Exports rose 29.5% in the first 20 days of the month, year-on-year, according to customs office figures ($32.4 billion, compared to $25 billion).\u00a0 Average daily shipments also increased 33.7% in the period, when adjusted for calendar effects.\u00a0 The greatest increase by sector was automotive exports, up 62.2%, despite global supply shortages of automotive chips.\u00a0 Exports of petroleum products were also up 58.6%, though the good news did not extend to all sectors \u2013 exports of ships, for instance were down 27.7%.<\/p>\n\n\n\n
CONTINUED GDP GAINS<\/strong><\/p>\n\n\n\n South Korea is Asia\u2019s fourth-largest economy, and has been one of the better performers throughout the Covid-19 pandemic, powered by robust overseas demand for key products, including cars, chips, and petroleum products.\u00a0 Following a 1% contraction in 2020 overall, the country posted 1.6% growth in Q1, up again from 1.2% in the previous quarter, and beating expectations (the median estimate in a Reuters poll was 1%).<\/p>\n\n\n\n Last month, the Bank of Korea revised its 2021 growth outlook to 4%, up from an earlier forecast of 3%, citing solid export growth.<\/p>\n\n\n\n