【350 chevy runs good until warmed up】S.Korea March exports fall by slowest in 4 mths, sales to China stay weak
(Adds analyst comments,350 chevy runs good until warmed up details and combines data sets)
* March exports -8.2 pct y/y, imports -13.8 pct y/y
* Exports see boost from steel, smartphones
* Shipments to China, U.S. both decline in March
By Christine Kim
SEOUL, April 1 (Reuters) - Improved shipments of smartphones and steel in March helped South Korea post its slowest decline in exports for four months government data showed on Friday, but weakness in sales to China remained a worry for the world's sixth largest exporter.
Exports in March fell by a less-than-expected 8.2 percent from a year earlier to $42.98 billion, the Ministry of Trade, Industry and Energy said. It was the slowest fall in exports since November last year.
The ministry said steel exports had rebounded by 14.7 percent in March on-year, while shipments of smartphones had surged 19.9 percent, mainly thanks to the release of Samsung Electronics Co Ltd's new Galaxy S7.
Imports dropped 13.8 percent to $33.16 billion to result in a $9.82 billion surplus, the Ministry of Trade, Industry and Energy said. The fall in imports was the slowest since June.
The trade performance beat median forecasts for declines of 10.4 percent and 13.1 percent for exports and imports respectively in a Reuters survey of 17 analysts.
Despite the improvement, the data failed to remove analysts' doubts about a rebound in global demand as the average export value per working day stood at $1.79 billion in March, less than $1.82 billion seen in February, Thomson Reuters calculations showed.
"I don't think we've hit bottom and there is no way exports growth will turn positive this year when looking at the state of the global economy," said June Park, economist at Daishin Economic Research Institute.
Exports to neighboring China, South Korea's biggest market, fell for a ninth straight month in March, the data showed. Shipments to the United States fell again after posting a brief rise in February.
Oil products continued to place a drag on exports as they plunged 41.6 percent last month in annual terms. The trade ministry said oil products, petrochemical goods and ships accounted for 69 percent of the exports decline in March.
RATE CUT UNCERTAINTY
Park said poor demand from China would keep dragging down exports.
With exports plunging from last year, the economy is now leaning on the sole crutch of domestic consumption, which has been showing a fragile recovery.
Many market participants expect the Bank of Korea to reduce its policy interest rate from an already record low of 1.50 percent in a bid to boost the economy, and possibly weaken the won currency.
Story continues
The won strengthened 8.2 percent against the dollar in March, posting its biggest monthly gain in seven years as it rebounded after sharp falls earlier in the year.
Unlike many others, Park doubted whether the central bank would cut rates at the upcoming policy review on April 19.
"Looking at recent policymakers' upbeat comments, it looks like a hold in April. But if they do hold, it will be because the BOK feels a rate cut will have little effect right now," he said.
The BOK chief has been sceptical in recent months over the effectiveness of rate cuts, though chances of a significant fiscal stimulus also appears some way off as the finance minister has said there is no need for a supplementary budget at this point.
Meanwhile, separate data showed March inflation eased to 1.0 percent in annual terms, slowing from February but higher than January this year.
(Additional reporting by Joyce Lee; Editing by Simon Cameron-Moore)
View comments
(责任编辑:Hotspot)
- Kemper (KMPR) Q3 Earnings and Revenues Beat Estimates
- Comcast Stock Rises 3%
- Bitcoin Falls 11% In Bearish Trade
- A Sliding Share Price Has Us Looking At Rexnord Corporation's (NYSE:RXN) P/E Ratio
- China Is Reopening Its Wet Markets. That's Good
- ValOre Initiates Multi-faceted Optimization Testwork at Pedra Branca and Receives Preliminary Platsol™ Metallurgical Recoveries of 93.4% for Palladium and 95.3% for Platinum
- Interactive Brokers' (IBKR) October DARTs Up on Higher Trading
- Post-Pandemic Retirement Planning Strategy Book Launches on June 1, 2020
- RPT-Iowa's anger over Trump's ethanol policy gives Democrats opening
- Here's How Long It Took Amazon To Reach A $100B Market Cap
- Harvard and Yale Are No Match for the Bears
- Are Options Traders Betting on a Big Move in Penn National (PENN) Stock?
- Trust Stamp Prepares to Pursue Direct Public Listing on Euronext Growth Market
-
SAN FRANCISCO, CA / ACCESSWIRE / April 3, 2020 /Hagens Berman urges investors in VMware, Inc.(VMW)wh ...[详细]
-
Is iShares Emerging Markets Dividend ETF (DVYE) a Strong ETF Right Now?
The iShares Emerging Markets Dividend ETF (DVYE) was launched on 02/23/2012, and is a smart beta exc ...[详细] -
Is Microsoft Corporation (MSFT) A Good Stock To Buy?
Coronavirus is probably the #1 concern in investors' minds right now. It should be. We estimate that ...[详细] -
Equitrans Midstream Corporation (ETRN) Stock Moves -1.99%: What You Should Know
Equitrans Midstream Corporation (ETRN) closed at $4.93 in the latest trading session, marking a -1.9 ...[详细] -
How Bassett (BSET) Stock Stands Out in a Strong Industry
One stock that might be an intriguing choice for investors right now isBassett Furniture Industries, ...[详细] -
U.S. telehealth companies brace for demand spike as coronavirus spread accelerates
By Manojna Maddipatla(Reuters) - The U.S. telehealth industry, including market leader Teladoc Healt ...[详细] -
People are getting this unexpected stimulus check. Should you keep it?
Payments from the$2.2 trillion coronavirus relief packagehave gone out to many people across the Uni ...[详细] -
Guidewire (GWRE) Q3 Earnings & Revenues Top Estimates, Stock Up
Guidewire Software, Inc. GWRE reported third-quarter fiscal 2020 non-GAAP earnings of 9 cents per sh ...[详细] -
Is Sirius International Insurance (SG) A Good Stock To Buy Now?
Our extensive research has shown that imitating the smart money can generate significant returns for ...[详细] -
NetCents Technology Notches Record Transaction Volume, Again
Vancouver, British Columbia--(Newsfile Corp. - March 4, 2020) -NetCents Technology Inc.(CSE: NC) (FS ...[详细]
BRIEF-Wangfujing Group, BTG Hotels' Chairman Passed Away Due To Illness
UPDATE 1-MSCI to quadruple weighting of China A-shares in its global benchmarks
- Were Hedge Funds Right About Chipotle Mexican Grill (CMG)?
- Mortgage Rates Are Lowest Ever; 12.8M Should Refinance
- Russia asks for ships disinfection from Iran, Italy and South Korea in Novorossiisk - document
- Maybe the Coronavirus Didn’t End the Bull Market
- StepStone Real Estate Adds Margaret McKnight as Partner
- Medical Gloves Market Research Report: By Raw Material, Application, Sterility, Type, Distribution Channel, End User - Global Industry Analysis and Growth Forecast to 2030
- Apple's New Deal With Amazon Prime Video Is a Game Changer