Poll: S.Korea exports seen growing for 14th month in December

Korea Investment Holdings Co

29/12/2021 24:00

* reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=KREXP%3DECI
 poll data
    * Dec exports +22.0% y/y, imports +35.8% y/y - poll
    * Dec CPI +3.60% y/y vs +3.7% in Nov - poll
    * Nov industrial output +2.5% s/adj m/m - poll
    * Trade data due on Jan. 1, 9 a.m. (0000 GMT)

    SEOUL, Dec 29 (Reuters) - South Korean exports likely grew
for a 14th straight month in December on year-end holiday demand
for chips and petrochemical goods, while inflation is expected
to remain near a decade high, a Reuters poll showed on Tuesday. 
    December exports  KREXP=ECI  in terms of value were seen
expanding 22% from a year earlier, slowing from a 32% jump in
November, according to the median forecast of 13 analysts.
    "December shipments are expected to exceed $60 billion in
value as demand is strong even as chip prices are declining, and
petrochemical products are also enjoying record demand," said
Ye-in Kim, an analyst at Korea Investment & Securities. 
    The nation's trade ministry said on Dec. 13 annual overseas
shipments had reached a record high as of early December this
year, supporting an economy that has relied on exports to
underpin growth as social-distancing curbs to combat COVID-19
hurt domestic demand. 
    Tuesday's poll showed imports  KRIMP=ECI  were seen growing
35.8% from a year earlier in December, also slowing from a 43.6%
surge in November.
    The full-month trade data will be published on Saturday at 9
a.m. local time (0000 GMT). 
    Analysts expect South Korea's consumer inflation
 KRCPIY=ECI  at 3.6% in December, remaining above the central
bank's 2% target for a ninth month in a row.
    "CPI inflation likely to exceed 2% until the third quarter
of next year, and that would justify an additional rate hike by
the Bank of Korea from fundamental perspective," said Lee
Seung-hoon, an analyst at Meritz Securities. 
    On Dec. 16, Governor Lee Ju-yeol said he sees the increasing
threat of inflation taking hold in Asia's fourth largest
economy, leaving the door open for an interest rate hike as
early as January.  urn:newsml:reuters.com:*:nL1N2T10A7
    Median estimate of 14 economists also showed industrial
output  KRIO=ECI  in November rose 2.5% from October.

 (Reporting by Cynthia Kim, Devayani Sathyan, Jihoon Lee;
Editing by Vinay Dwivedi)
 ((Cynthia.Kim@thomsonreuters.com; 822 3704 5655; Reuters
Messaging: cynthia.kim.thomsonreuters.com@reuters.net))