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South Korea economy keeps going up as exports flourish
In October, soaring memory chip sales enabled South Korea exports to enjoy record 12 consecutive months of surge. That’s solid evidence that Asia's number four economy is actually stepping up a gear.
While shipments surge slowed from September, as a matter of fact, October managed to outpace September as for average exports per working day, boasting brisk business activity.
As October exports revealed, export fundamentals still appear to be sturdy enough. Considering that the low-base effect relieved, October managed to fare well, as Stephen Lee told, an economist at Meritz Securities.
Exports headed north 7.1% on-year, which is far below bumper ascend of 35% in September, although average exports per working day accounted for $2.5 billion, thus outperforming September's outcome of $2.35 billion, as government data disclosed on Wednesday.
The annual Chuseok holiday was celebrated by South Korea from October 2 through October 9. As a result, the Asian country reduced the number of working days from 23.5 to 18.
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