SEOUL : South Korea's January export data will likely show an annual fall for a fourth straight month, with the pace of decline accelerating amid persistently weak demand from China, a Reuters poll showed on Monday.Outbound shipments were likely 11.3 per cent lower in January than a year earlier, compared with the 9.6 per cent annual fall seen in December, according to the median estimate of 17 economists in the survey, which was conducted during Jan. 25-30.
"Both exports and imports are likely to remain in the doldrums for the time being, probably until the Chinese economy has reopened fully which could trigger a turnaround in the semiconductor cycle and/or a rebound in crude oil prices," wrote Oh Suk-tae, an economist at Societe Generale. In the first 20 days of this month, South Korea exported goods worth 2.7 per cent less than a year earlier. Shipments to China, South Korea's biggest trading partner, led the fall.
South Korea likely imported 3.6 per cent less in January than a year earlier, compared with the 2.5 per cent annual fall seen in December, according to the survey. That would mark the fastest rate of fall since October 2020.
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