Exports to South Korea are increasingly common as Omicron looms | Business and Economic Affairs

Exports to South Korea in November were the highest monthly recorded volume, driven by rising prices and volumes.

Exports to South Korea grew sharply in the three months in November due to a recovery from the epidemic after a major trading session that encouraged the need for chips and petrochemical oil, but Omicron divergence could pose a threat to a foreign-based economy.

Exports in November rose 32.1 percent from the previous year, the highest since August and hit the 27.7% growth rate observed in a Reuters survey. This also marked the ninth straight month of two numbers.

All exports stood at $ 60.44bn in November, the highest monthly rate in history, the Ministry of Commerce data showed.

The results clearly show the Korean economy that relied on exports to help grow amid the COVID-19 ban that has hampered household refunds. The approaching holiday season probably met foreign requirements, while the stability of Chinese manufacturing companies provided additional support.

“Wednesday’s delivery looks very positive. Despite concerns about China’s declining demand and the decline in semiconductor manufacturing, exports look strong,” said Park Sang-hyun, an economist at Hi Investment & Securities.

“The growth of Omicron’s diversity and online content is crucial for exports, but for now, it appears the recovery will continue in December and in 2022.”

Thirteen of the 15 major brands increased sales, while semiconductors, petrochemicals and ships increased 40.1 percent, 63 percent and 237.6 percent, respectively. Exports of automotive equipment dropped by 2.2 percent while shortages of automotive equipment disrupted car manufacturing around the world.

Meanwhile, exports from all nine businesses grew, while exports to China, the United States and the European Union rose 27.1 percent, 22 percent and 18.9 percent respectively.

Moderna chief vaccine maker on Tuesday questioned the effectiveness of the COVID-19 vaccine against a wide range of diseases, disrupting the financial markets and raising concerns about further disruptions.

South Korea reported 5,123 cases of coronavirus on Tuesday but no Omicron case has been reported so far.

Wednesday’s forecast also showed exports rose by 43.6 percent a year, as well as hit forecasts of 40.5 percent and stood at $ 57.36bn. This led to an increase in sales of $ 3.09bn.

Export work in November included a rise in prices and volumes, the ministry said. Export prices rose 22.1 percent, while volume gained 8.2 percent.