SEOUL: Robust demand for South Korean chips helped Asia’s fourth-largest financial system submit export development for a sixth consecutive month in March, albeit at a tempo barely slower than anticipated, pointing to continued restoration within the international financial system.
Exports rose 3.1% from the identical interval a 12 months previous to $56.56 billion, lacking a acquire of 5.2% tipped in a Reuters ballot of economists.
That adopted a 4.8% improve a month earlier, hinting at restoration in international financial momentum as South Korea’s dominance in semiconductors and different high-tech items makes the nation a barometer for international demand.
Imports declined 12.3% in March from the identical month a 12 months earlier to $52.28 billion, deeper than a 8.1% fall seen within the ballot however easing barely from a 13.1% drop in February.
Overseas sales of chips grew for a fifth successive month, rising 35.7% and logging the very best efficiency by worth in two years, commerce ministry information confirmed. Increasing demand for synthetic intelligence-related reminiscence is driving semiconductor sales, because the world’s two greatest makers of reminiscence chips – Samsung Electronics and SK Hynix – flagged enhancing chip demand for the 12 months forward.
Exports of computer systems and cell communication units elevated 24.5% and 5.5% respectively, whereas that for automobiles declined 5%.
By vacation spot, exports to China rose 0.4% from a 12 months earlier and people to the United States elevated 11.6%.
Separate information launched on Monday nevertheless confirmed weaker manufacturing exercise in March as slowing home demand offset strong abroad sales.
The buying managers index stood at 49.8 in March on a seasonally adjusted foundation, from 50.7 in February, the info confirmed.
Firms surveyed for the index talked about “a muted domestic economy holding back production and sales” as a consequence of excessive borrowing prices.
Exports rose 3.1% from the identical interval a 12 months previous to $56.56 billion, lacking a acquire of 5.2% tipped in a Reuters ballot of economists.
That adopted a 4.8% improve a month earlier, hinting at restoration in international financial momentum as South Korea’s dominance in semiconductors and different high-tech items makes the nation a barometer for international demand.
Imports declined 12.3% in March from the identical month a 12 months earlier to $52.28 billion, deeper than a 8.1% fall seen within the ballot however easing barely from a 13.1% drop in February.
Overseas sales of chips grew for a fifth successive month, rising 35.7% and logging the very best efficiency by worth in two years, commerce ministry information confirmed. Increasing demand for synthetic intelligence-related reminiscence is driving semiconductor sales, because the world’s two greatest makers of reminiscence chips – Samsung Electronics and SK Hynix – flagged enhancing chip demand for the 12 months forward.
Exports of computer systems and cell communication units elevated 24.5% and 5.5% respectively, whereas that for automobiles declined 5%.
By vacation spot, exports to China rose 0.4% from a 12 months earlier and people to the United States elevated 11.6%.
Separate information launched on Monday nevertheless confirmed weaker manufacturing exercise in March as slowing home demand offset strong abroad sales.
The buying managers index stood at 49.8 in March on a seasonally adjusted foundation, from 50.7 in February, the info confirmed.
Firms surveyed for the index talked about “a muted domestic economy holding back production and sales” as a consequence of excessive borrowing prices.
