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Positive Signs Arise from The World’s Economic ‘Canary in The Coal Mine’ 

um editor

UM Editor

January 2, 2024 at 1:13 pm

The exports of South Korea are commonly characterized as a leading economic indicator or the world’s “canary in the coal mine,” because of their significant exposure to the three largest economies: the United States, China, and Japan. South Korea’s exports saw positive growth in December 2023, increasing by 5.1% year-over-year to reach $57.6 billion. This fell short of expectations for a 6.6% rise but still marked the third straight month of export expansion. The growth was powered mainly by a rebound in semiconductor exports, which surged 21.8% for the second consecutive monthly increase.  

Other bright spots included automobile exports, extending an 18-month growth streak with a 17.9% jump, and display products and home appliances increasing 10.9% and 2.9%, respectively. By destination, shipments to the United States witnessed robust 20.8% growth. However, exports to top trading partner China continued their decline, dropping 2.9%.  

For full-year 2023, South Korea’s overall exports retreated 7.4% over 2022. The significant downturn resulted primarily from a 23.7% plunge in chip sales amid global economic uncertainty and China’s softening economy. Despite December’s better-than-expected increase, challenging external conditions persisted for Korean exporters. 

(Exports YoY，MOTIE Korea) 

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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