“SEOUL (Reuters) – South Korean exports last month marked their first back-to-back growth of the year, but demand from the advanced economies was weak, data showed on Saturday, indicating anyglobal recovery would be fragile at best.
November exports grew by 3.9 percent over a year earlier to $47.8 billion on top of a revised 1.1 percent rise in October, while imports last month rose by 0.7 percent to $43.3 billion, the Ministry of Knowledge Economy data showed.
The November data, released for the first time by a major exporting economy, and the robust survey findings in China disclosed earlier in the day offered fresh signs of the global economy regaining some momentum.
Shipments to China and the southeast Asian countries posted sharp gains over a year earlier, whereas demand from the United States and the European Union shrank, according to break-down figures for the November 1-20 period released later.
“Robust data from China and today’s Korean data increase the chances for Korean exportsmaintaining a modest recovery,” said Park Sang-hyun, chief economist at HI Investment & Securities.
RARE ANNUAL DROP IN EXPORTS”
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