By Cynthia Kim

SEOUL (Reuters – South Korean exports saw double-digit growth for the eighth consecutive month in October. This was due to post-lockdown recovery in key markets. It also boosted demand for Korean petrochemical and chip products.

Exports jumped 24.0% to October, compared with a year before. It was faster than September’s 16.7% increase but still below the 27.0% recorded in a Reuters Poll.

The fourth largest economy in Asia is often regarded as a beacon for international trade because it releases export data first among the major trading countries.

Exports rose at an even faster rate of 37.8% year over year, and also increased from September’s 31.0% increase.

According to Park Chonghoon, an economist with Standard Chartered, (OTC: Bank of Korea), the September export total of $55.83 Billion was a new record. However, due to post-lockdown recovery having reached its peak, growth is expected slow down in the months ahead.

Park explained that “exports will fall to between 10%-20% over the following months due to the diminishing base effect.” Park stated that the demand for South Korean goods will continue to be strong, despite the decrease in shipment volumes.

According to a trade ministry statement, exports to nine of the world’s major trading partners, including China and the United States, rose for the seventh consecutive month.