Rising demand: South Korea reports increasing exports
Rising demand: South Korea reports increasing exports

6 May 2024 – Several positive reports from the Asian and North American economic regions are reviving the markets. While export growth in South Korea has accelerated noticeably, the logistics sector is also reporting an increase in demand. And in China, government announcements for the housing market are having a positive effect on demand for steel and raw materials.

Rising demand: South Korea reports increasing exports

South Korean export growth, a leading indicator for the global economy, accelerated in April from 3.1 to 13.8 per cent compared to the previous year. The renewed growth in exports of semiconductors, one of South Korea’s top exports, was remarkable. After an increase of 35.7 per cent in March, South Korean chip manufacturers were able to significantly increase their overseas shipments again last month by 56.1 per cent compared to the previous year.

Other electronic products such as mobile phones, tablets and PCs also recorded a significant surge in demand. Exports to China increased by almost ten per cent year-on-year, while exports to the USA rose by as much as 24 per cent.

Logistics industry notices rising demand

Initial reports from the logistics industry, especially from the sea freight sector, are reporting higher demand and increased freight rates in the first quarter of 2024. The figures from the major shipping companies are seen as important indicators for the development of the global economy.

Iron ore climbs thanks to Chinese property development and stockpiling after the holidays

Positive impetus for global economic sentiment is also being reported from China. After the May Day Holidays, iron ore contracts on the Dalian Commodity Exchange (DCE) rose by more than 2.0% and on the Singapore Exchange (SGX) by around 1.98%.

An announcement from the Chinese Politburo the previous week about improvements in inventory control in the housing market also led to a general upturn in steel products and the raw materials required for them.

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