By Joori Roh
SEOUL (Reuters) -South Korean exports marked a fourth consecutive month of double-digit growth in June, albeit at a reduced pace, propelled by solid economic recovery in major markets globally and continued strong demand for memory chips and automobiles.
Exports surged 39.7% in June versus the same month a year earlier, reaching the third-biggest value on record at $54.80 billion, trade ministry data showed on Thursday. That beat the 33.6% average of 17 economist estimates in a Reuters poll, and marked the eighth consecutive month of expansion.
Exports grew 45.6% in May, the sharpest increase since August 1988.
“As base effect (from the coronavirus) fades, the growth rate itself probably reached the peak in May … but the exports value will likely continue growing in the third quarter,” said Park Sang-hyun, chief economist at Hi Investment & Securities.