- August 22, 2022
- Posted by: Stratford Team
- Category: Economy
SEOUL (BLOOMBERG) – South Korea’s early exports barely rose in August as geopolitical risks and central bank tightening weigh on the world economy.
Daily shipments increased 0.5 per cent on average in the first 20 days of the month compared with a year earlier, the customs office said on Monday (Aug 22). Total exports rose 3.9 per cent.
South Korea’s exports have been under pressure this year from Russia’s war on Ukraine, Covid lockdowns and global interest-rate hikes. Amplifying the international tensions has been China’s furious response to US House Speaker Nancy Pelosi’s recent visit to Taiwan.
Trade is key to South Korea’s economic growth as the nation relies heavily on exports. Overseas shipments also help underpin further policy tightening by the Bank of Korea as it seeks to shore up the currency and rein in inflation.
South Korean exports serve as a key indicator of international economic activity with the nation’s companies embedded widely…
