Financial News: South Korea Exports Rise Most In 4 Months

South Korea Exports Rise Most In 4 Months

(RTTNews) - South Korea's exports logged its fastest growth so far this year on robust chip demand despite the drag from US tariffs, figures from the customs office revealed on Thursday.

Exports climbed unexpectedly by 3.7 percent on a yearly basis in April, following March's 3.0 percent increase.

This was the fastest growth since last December. Shipments were expected to fall 1.6 percent.

By contrast, imports declined 2.7 percent after rising 2.3 percent in March. Economists had forecast a sharp 6.9 percent fall in April.

Consequently, the trade balance showed a surplus of $4.88 billion compared to a $4.92 billion surplus in March. The surplus was well above the expected level of $4.4 billion. Although strong chip demand helped South Korean exports overcome US tariffs in April, with trade-war headwinds mounting, overseas shipments are poised to lose momentum, ING economist Min Joo Kang said.

Even if chips and ships outperform, the broader economy will suffer, the economist noted.

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