Data released by the Bank of Korea on October 26 showed that South Korea’s economic growth exceeded expectations in the third quarter, driven by a rebound in exports and private consumption. This provides some support for the Bank of Korea to continue to maintain interest rates unchanged.
Data show that South Korea’s gross domestic product (GDP) increased by 0.6% in the third quarter from the previous month, which was the same as last month, but better than the market forecast of 0.5%. On an annual basis, GDP in the third quarter increased by 1.4% year-on-year, which was also better than the market. expected.
The rebound in exports was the main driver of South Korea’s economic growth in the third quarter, contributing 0.4 percentage points to GDP growth. According to data from the Bank of Korea, South Korea’s exports increased by 3.5% month-on-month in the third quarter.
Private consumption has also picked up. According to central bank data, South Korea’s private consumption increased by 0.3% in the third quarter from the previous quarter, after shrinking by 0.1% from the previous quarter.
The latest data released by South Korea Customs recently showed that average daily shipments in the first 20 days of October increased by 8.6% compared with the same period last year. This data has achieved positive growth for the first time since September last year.
The latest trade report shows that South Korea’s overall exports in the 20 days of the month (excluding differences in working days) increased by 4.6% compared with the same period last year, while imports increased by 0.6%.
Among them, South Korea’s exports to China, a major global demand country, fell by 6.1%, but this was the smallest decline since last summer, while exports to the United States increased significantly by 12.7%; the data also showed that export shipments to Japan and Singapore increased by 20% each. and 37.5%.
Post time: Oct-30-2023