Korea Eximbank "Q2 Exports Expected to Increase by 35%"

Export Growth Expands Due to Economic Improvement in Major Export Destinations and Base Effect Impact

[Asia Economy Reporter Park Sun-mi] The Export-Import Bank of Korea's Overseas Economic Research Institute forecasted on the 26th that exports in the second quarter of this year will increase by about 35% compared to the same period last year, reaching around 150 billion dollars.

This forecast is the highest level since the first quarter of 2010 (export growth rate 35.8%) immediately after the global financial crisis. The bank analyzed that the export leading index has continued to rise year-on-year for two consecutive quarters and has also increased for three consecutive quarters compared to the previous quarter, indicating a strengthening recovery in the export economy.

An official from the bank stated, "Due to the economic recovery of major export destinations such as China and the United States and the base effect from the large export decline (-20.3%) in the same period last year, the export growth in the second quarter will significantly expand, centered on semiconductors, automobiles, and petrochemicals." He added, "However, if the global economic recovery slows down due to delays in vaccine administration and the spread of variant viruses, the export growth rate may decrease."

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