S Korea’s exports surge on steel, semiconductors

epa04693902 An Iranian engineer looks at the production at the Iran Alloy Steel Company in the city of Yazd, central Iran, 06 April 2015. Yazd Alloy Steel Company is one of the main steel producers in the country, which hopes that after a nuclear deal between Iran and the world powers that they can start to export their products abroad. Mehdi Karbasian deputy of the Ministry of Industries and Mines said that after nuclear talks in Lausanne, Switzerland, last week, we already have received cooperation offers from some foreign countries, and the rest also wait for July 2015 when all the sanctions will be lifted against the country. Iran and six world powers have agreed on the key points of a deal over Iran's controversial nuclear programme on 02 April 2015 in Lausanne, Switzerland.  EPA/ABEDIN TAHERKENAREH

Bloomberg

South Korean exports surged to a record last month in the latest sign that stronger global trade is helping to underpin growing momentum for the global economy.
The nation’s shipments abroad rose for an 11th month in September, driven by overseas demand for steel, semiconductors and petrochemical products. Exports jumped 35 percent from a year earlier, the trade ministry said on Sunday. The median estimate of economists was for a surge of 25 percent. Imports gained 21.7 percent, versus expectations for them to advance 20.6 percent. The trade surplus was $13.8 billion, also a record. Month-on-month growth in exports was the most since January 2011. There were 2.5 more working days in September compared with a year earlier and some companies pushed out shipment of products before 10-day Chuseok holidays starting on Sunday, the trade ministry said.
The better-than-expected data came after China announced its factory gauge hit a five-year high. The results also show that South Korea’s economy is demonstrating resilience even as the war-of-words between US President Trump and North Korean leader Kim Jong-un heightens tensions on the peninsular. Exports surged across most of 13 major categories, the trade ministry said. South Korea’s economy improved slightly in some regions in the third quarter, with domestic consumption driven by positive sentiment and the government’s job-creation policy, the Bank of Korea said last week. Geopolitical concerns surrounding North Korea and household debt remain as risks to the outlook, the central bank said. Export growth is projected to slow from October, the trade ministry said, as the US Federal Reserve takes steps to reduce its balance sheet and other central banks are expected to reduce monetary stimulus.

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