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S.Korea's exports predicted to hit record high in 2021
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IANS | 24 Nov, 2021
South Korea's exports are expected to touch an all-time high in 2021 on
brisk overseas demand for key products amid the global economic
recovery, with their growth momentum likely to continue next year, a
report said on Monday.
The country's overseas shipments are
projected to swell 24.1 per cent from a year earlier to $636.2 billion
this year, Yonhap News Agency quoted the report from the Korea
International Trade Association (KITA) as saying.
Imports by Asia's fourth-largest economy are likely to amount to $605.7 billion, up 29.5 per cent from the previous year.
KITA
predicted South Korea's exports to increase 2.1 per cent on-year to
$649.8 billion in 2022, with imports forecast to inch up 1.6 per cent to
$615.4 billion.
Next year's solid export growth will be
bolstered by strong overseas demand for South Korean chips,
petrochemicals, displays, textiles, wireless communication equipment and
other key products, it said.
In contrast, South Korea's steel
exports are likely to decline 9 per cent in the coming year due to
falling prices, with overseas shipments of auto parts, ships and home
electronics estimated to suffer setbacks.
"South Korea's exports
are likely to keep their growth momentum next year amid the global
economic recovery led by advanced economies," KITA said.
"Yet,
exports could be hampered by a disruption in the global supply chain, a
slowdown in China's economic growth and rising inflation in major
countries."
KITA expects South Korea's imports to inch up in 2022 due to high international prices of crude and raw materials.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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