South Korea’s exports increased for a sixth consecutive month in April as a recovering global economy boosted demand.
Overseas shipments rose 31.5 percent from a year earlier to $39.88 billion, the Ministry of Knowledge Economy said in Gwacheon today. That compared with the median forecast of a 31.8 percent gain in a Bloomberg News survey of ten economists. Imports climbed 42.6 percent to $35.47 billion, leaving a trade surplus of $4.41 billion.
Economies across Asia are reporting faster growth as the region leads the world out of the worst global recession since World War II. Samsung Electronics Co., Asia’s biggest maker of semiconductors, flat screens and mobile phones, posted a seven- fold increase in profit for the first quarter and Hyundai Motor Co. boosted sales in the U.S. and China this year.
“Both exports and imports will likely grow further as the global economy is gathering pace,” Kim Jae Eun, an economist at Hyundai Securities Co. in Seoul, said before the report. “It will lead to a strong start for the second quarter.”
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