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S.Korean exports show signs of recovery in early November

Xinhua, November 11, 2016 Adjust font size:

South Korean exports, which have struggled with sluggishness amid global economic slowdown, showed signs of recovery in early November thanks to demand for chips, auto parts and oil products, customs data showed on Friday.

For the first 10 days of this month, the economy's overseas shipments reached 13.92 billion U.S. dollars, up 19.7 percent from the same period of last year, according to the Korea Customs Service (KCS).

Exports adjusted for working days also increased 5.6 percent in the cited period, indicating a recovery in overseas shipments that account for about half of the export-driven economy.

The country's exports kept a downward momentum for 19 months through July, before rebounding 2.6 percent in August. The exports resumed the downward trend in September and October.

The resumption of export growth in early November was led by semiconductors, auto parts and oil products, of which shipments jumped 25.9 percent, 39.0 percent and 11.8 percent respectively.

Exports of telecommunication devices, including smartphones, and ships tumbled 7.9 percent and 26.1 percent compared with a year earlier.

Despite the positive signals, concerns emerged about the South Korean economy as Donald Trump was elected as U.S. president in a surprising upset over Hilary Clinton.

During his presidential election campaign, Trump pledged to re-negotiate a free trade agreement with South Korea and impose higher customs duty, indicating a protectionist policy toward South Korea.

The United States is the second-largest trading partner of South Korea.

South Korea's top central banker also expressed worries about economic uncertainties that may come from the U.S. president elect's trade policy. The central bank froze its policy rate at an all-time low of 1.25 percent for five straight months. Enditem