S. Korean exports estimated to grow 33 pct on-year in Q1: EXIMBank

SEOUL, Jan. 5 (Yonhap) -- South Korea's exports may expand around 33 percent in
the first quarter from a year earlier as a global economic recovery and rising
product prices are expected to drive up overseas sales, according to a survey
releashed Tuesday by a state-run bank.

According to the survey by the Export-Import Bank of Korea (EXIMBank), the nation
is expected to chalk up a steep rise in outbound shipments in the January-March
period, if achieved, the fastest gain since the fourth quarter of 2004.
"Exports may expand its gains as the leading export indicator rose for the third
quarter on the back of solid economic growth in emerging and advanced economies
and rising unit prices of export goods," the EXIMBank said.
The bank's yardstick of export outlook, which is based on importing countries'
economic conditions, unit prices of export products and companies' forecast, came
in at 119.6 for the first quarter, up 6.7 percent from a year earlier, the survey
showed.
The lender noted gains in U.S. dollar-based prices of South Korean goods may
drive up the total sum of the nation's overseas sales on the back of a strong
local currency, rises in raw material costs and a recovery in the semiconductor
sector.
The EXIMBank also expected that the information technology industry including
semiconductors, the key sector of the local economy, will lead the export growth
while falling orders for shipbuilders are likely to put a drag on overall
figures.
The survey of 451 domestic companies was conducted from Dec. 7 to 18.
South Korea's exports, which power more than half of its economic growth, fell
13.8 percent in 2009 from the previous year as the global economic turmoil caused
overseas demand for Korean-made goods to plunge.
pbr@yna.co.kr
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