© Samsung Heavy Industries shipyard
South Korean exports beat market expectations in August, helped by a tentative recovery in the country’s shipbuilding sector and a surge in smartphone sales to the US.
Exports of $46.4bn were 7.7 per cent higher year on year, beating a 4 per cent consensus forecast given in a Reuters poll of economists. Imports rose 0.8 per cent.
The data will bolster hopes of sustained quickening in an economy where exports account for more than half of gross domestic product, and which has been hit over the past five years by faltering demand in its key export markets, notably Europe and the US.