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    A086790   KR7086790003


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South Korea's May exports set for fastest growth in over 30 years

05/27/2021 | 10:08pm EDT
A truck drives between shipping containers at a container terminal at Incheon port in Incheon

SEOUL (Reuters) - South Korea's exports for May is expected to have risen at their quickest pace in over three decades, thanks in part to strong global demand for the nation's key foreign exchange earners such as semiconductors, cars and petroleum products.

Overseas sales are forecast to surge 48.5% this month from a year earlier, the median forecast in a Reuters survey of 11 economists showed on Friday.

Such an outcome, also reflecting a low base in 2020, would mark the sharpest increase since August 1988 and extends a seventh straight month of gains. Exports grew 41.2% in April.

"Even excluding base effect, recovery in demand from advanced economies and increased trade volume will lead strong exports," said Chun Kyu-yeon, economist at Hana Financial Investment.

She said sales of chips, cars, autoparts and petroleum products are likely to have boosted exports this month.

The May 1-20 data released last week showed exports to China, the United States and the European Union soared 25.2%, 87.3% and 78.1%, respectively, while those of semiconductors, cars and petroleum products jumped 26.0%, 146.0% and 149.7%.

While the pace of shipments growth is set to slow as the base effects fade, economists remain bullish about the outlook for exports, and expect the sector to underpin Asia's fourth-largest economy as it rebounds from last year's COVID-19 led downturn.

"Export growth will gradually slow as base effect eases, but the global manufacturing boom and revenge spending trend will likely support domestic exports for the time being," said Park Sang-hyun, chief economist at HI Investment & Securities.

Wednesday's poll also forecast imports to have risen 40.5%, their strongest rate since May 2010, on higher oil and commodity prices.

Full month trade data will be released on Tuesday at 9 a.m. local time (0000 GMT).

Separately 12 economists predicted April industrial output would edge up by a seasonally adjusted 1.5% month-on-month, rebounding from a 0.8% shrink in March.

Economists also estimated consumer prices this month would rise a median 2.6% from a year earlier, the fastest since March 2012 and accelerating from a 2.3% rise in April.

(This story corrects the date in the third paragraph to August 1988, not September 1988; and in the 12th paragraph to March 2012, not December 2015)

(Reporting by Joori Roh, Jihoon Lee; Editing by Shri Navaratnam)

ę Reuters 2021
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Sales 2021 9 093 B 7,71 B 7,71 B
Net income 2021 3 154 B 2,67 B 2,67 B
Net Debt 2021 - - -
P/E ratio 2021 4,20x
Yield 2021 6,09%
Capitalization 13 077 B 11 070 M 11 089 M
Capi. / Sales 2021 1,44x
Capi. / Sales 2022 1,38x
Nbr of Employees 100
Free-Float 96,1%
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