InfoAnda - WRAPUP 1-S.Korea exports up but no durable revival yet

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: WRAPUP 1-S.Korea exports up but no durable revival yet Reuters - Monday, June 1 * Daily exports rise for fourth straight month ADVERTISEMENT * Pace of daily exports rises at slowest since Feb * Exports and imports drop more than expected * May consumer inflation at 20-month low By Cheon Jong-woo and Seo Eun-kyung SEOUL, June 1 - The value of South Korea's daily exports grew in May at the slowest pace in four months as Chinese demand sputtered, raising questions for investors trying to pick a turning point in the fortunes of the world economy. May exports fell 28.3 percent from a year earlier while imports dropped 40.4 percent. Both declines were steeper than analysts had forecast for the first big Asian exporter to release trade data each month. Because South Korea does not produce seasonally adjusted data, investors trying to gauge whether global trade is recovering from the financial crisis have focused on monthly changes in export value data issued for each working day. The value of exports per working day rose slightly to $1.28 billion in May from $1.27 billion in April, the smallest gain as daily exports earnings returned to growth in February. "Overall, we have more data showing the economy is getting better, although it is hard to have hopes for a quick recovery," said Kim Jae-eun, an economist at Hana Daetoo Securities. A sharp contraction in shipments to China, South Korea's biggest market, was probably the most worrying sign for those betting that Beijing could lead the world out of the slump. South Korean exports to China fell an estimated 22.8 percent during the first 20 days of May from a year earlier, putting them on course for the biggest monthly loss since February. That compares with a 19.0 percent drop in all of April. A majority of exports to China are re-exported. "The global economy is stabilising backed by massive stimulus packages and demand is also reviving by some degree. But it is far from a recovery," said Kwon Yong-sun, a Nomura economist. The data came as China's manufacturing industry again expanded moderately in May on the back of improving export orders, in the latest sign that the world's third-largest economy is stabilising. Exports to the United States declined 20.0 percent during the first 20 days of May, compared with a 22.7 percent fall in April. For a graphic, please click on: http://graphics.thomsonreuters.com/069/KR_EXP0609.jpg RATES TO STAY UNCHANGED Foreign sales are expected to keep falling, but the fall is seen easing in June due to more working days, the ministry said. The data, along with inflation figures, cemented analysts' view that the central bank will keep interest rates at a record low 2.00 percent. May consumer prices rose 2.7 percent from a year ago, below expectations and marking the slowest annual pace in 20 months. "Interest rates will likely be kept at the current level at least until the end of the year. There is some talk about excess liquidity, but helping the economy recover is a priority," Goh You-sun, an economist at Daewoo Securities said. An increasingly belligerent North Korea is also clouding investor views on South korea's economy. South Korean media reported the North could test this month a missile with the range to reach the United States and may also be gearing up for skirmishes with the South on disputed sea borders. Moody's said North Korea's missile test and its second nuclear detonation underscored the risk to South Korea and Asia from the communist state. Most big South Korean firms do not expect a recovery in the near future as the economic slump continues to depress exports, a separate private survey showed. South Korea posted a $5.15 billion trade surplus in May, compared with a revised $5.79 billion the previous month. The government expects the trade surplus in coming months to fall on a recovery in the won <KRW=> and on higher oil prices, an official said. [ID:nSEO122592] Combined car sales of the country's five automakers fell 10.4 percent in May over a year earlier with overseas sales down 17.7 percent. But their local sales rose 15.4 percent from a year ago helped by tax incentives to boost domestic car sales. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Husky Energy 'planning dual listing': reportAFP - Monday, June 1 SouthGobi Energy eyes $200mln-$250mln HK IPO-sourceReuters - Monday, June 1 Taiwan dollar at 8-month closing high on fundsReuters - Tuesday, June 2 CORRECTED-BHP voices doubts about global commodity rallyReuters - Monday, June 1 RPT-HK May business contraction slowest since Sept -PMIReuters - Monday, June 1 Most Popular – Business Viewed Last Titanic survivor dies in England Ancient eruption 'killed off world's sea life' GM files for bankruptcy Talent judge defends singing sensation Boyle Aung San Suu Kyi 'covered up' truth: Myanmar junta View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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