South Korea’s exports are set to climb by double digits again in June as the global economy shakes off the effects of the pandemic, though a slower pace from recent months suggests the days of outsize gains may have passed.
Exports rose 29.5% in the first 20 days of the month from a year earlier, the customs office reported Monday. Adjusted for calendar effects, average daily shipments increased 33.7% in the period, which had half a business day less compared with last year.
As vaccinations speed up and lockdowns ease across the world, South Korea has seen overseas demand grow beyond memory chips to cars, smartphones and other consumer goods. The gains were less than the 45.6% jump for the full month of May, largely due to a less favorable base effect while exports can speed up during the remaining days of a month.