South Korean exports rose by almost a quarter in October compared to the same month a year earlier. The export of chips and chemical products caused the increase, reports the South Korean Ministry of Commerce.
Nevertheless, the export plus was less strong than expected, showing that the problems in the supply chain have had an impact on the figures. It was the twelfth consecutive month for South Korea that exports rose. Chip exports rose nearly 29 percent year-on-year in October.
The country is one of the Netherlands’ most important trading partners in Asia. Moreover, trade between the Netherlands and the Asian country has flourished in recent years due to the trade agreement between the European Union and South Korea.
This mainly concerns specialized machines, electrical appliances and instruments that are used in science. For example, from South Korea, mainly cars, electrical appliances and pharmaceutical products are shipped to the Netherlands.
The optimism expressed in the Korean ministry’s trade report was partly offset by a separate report from market researcher IHS Markit. This showed that the manufacturing industry had hardly grown in October compared to a month earlier. According to experts, this has to do with the ongoing problems in the supply chain and raw material shortages.