South Korea’s exports recovery continued in October with daily shipments pointing to a continued pickup in overseas demand, even though a national holiday reduced working days and hurt headline figures.
The value of total shipments abroad fell 3.6% from a year earlier, the trade ministry said Sunday. Economists had forecast a 3.5% decline. Average daily shipments still rose 5.6%, with the period having two fewer business days than last year.
Overall exports to China fell 5.7% while shipments to the U.S. rose 3.3%. Semiconductor exports rose 10% and car sales rose 5.8%.
The increase in daily shipments suggests recent upward momentum in global trade remains intact as many economies reopen. Still, the outlook is uncertain as soaring virus cases in Europe forced France and Germany to impose harsh restrictions, while some U.S. states are seeing record outbreaks.
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