S. Korea's Oct. exports tipped to fall 3.12 pct: poll

By Kang Yoon-seung

SEOUL, Oct. 27 (Yonhap) — South Korea’s exports are expected to decrease 3.12 percent on-year in October after enjoying a brief rebound the previous month, due mainly to the resurgence of new coronavirus cases around the globe.

The country’s outbound shipments are estimated to reach US$45.1 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on seven local brokerage houses.

Imports were estimated to reach $41.3 billion this month, resulting in a trade surplus of $3.8 billion.

Experts said the decrease also came as there were fewer business days due to the Chuseok holiday, which ran from late September to early October.

Outbound shipments by Asia’s fourth-largest economy have already decreased 5.8 percent on-year in the first 20 days of October. Exports came to US$25.2 billion in the Oct. 1-20 period, compared with $26.7 billion a year ago, according to the data from the Korea Customs Service.

By segment, outbound shipments of chips, which account for a huge chunk of the country’s exports, are anticipated to increase 12.1 percent on-year this month.

Overseas sales of automobiles, however, are tipped to slip 7.6 percent over the period, while those of petroleum products are estimated to have crashed 42.1 percent, according to the poll.

South Korea’s exports rebounded for the first time in seven months in September, helped by increased shipments of chips and automobiles as major trade partners gradually resumed their business activities amid the pandemic.

Major countries, however, recently have experienced a new wave of the COVID-19 pandemic, which induced them to readopt lockdowns.

South Korea will release its official monthly trade data Sunday.