SEOUL, KOREA, Jul. 4 (Korea Bizwire) — South Korea’s trade growth has been predicted to surge with a significant increase by 5 points, according to data from the DHL Global Trade Barometer released by DHL, the world’s leading logistics company. The country’s overall index has increased to 74 points, from 69 points in the last quarter.
The DHL Global Trade Barometer, an early indicator of global trade developments calculated using Artificial Intelligence and Big Data, predicts air trade in South Korea to grow by 6 points to 73 points due to strong imports of High Technology & Industrial Raw Materials as well as exports of High Technology and Machinery Parts. Ocean exports, driven by the Chemicals & Products sector as well as Land Vehicles & Parts will contribute to the 4-point growth in overall ocean trade, at 74 points. The country’s trade in consumer fashion goods also experienced a swift rebound back to growth territory after dipping last quarter, with increased imports pointing to stronger consumer confidence in the medium term.
“South Korea’s economy is rebounding as demand remains strong for its high-quality manufacturing goods: semiconductor sales, for example, rose 45% in May to generate a record US$10.9 billion worth of exports,” said SP Song, Managing Director, DHL Global Forwarding Korea. “We are now looking at a trade surplus of US$6.73 billion for the country, with these figures indicating welcome tailwinds ahead for economy that we believe will continue to bolster domestic consumption amongst South Koreans.”
The DHL Global Trade Barometer’s results also suggest that Asia Pacific is expected to uplift global trade growth in the coming quarter. In addition to the optimistic outlook for South Korea, the economies of China, India and Japan continue to maintain their high rankings on the index with promising forecasts for the coming months. Strong growth in ocean freight across Asia Pacific, coupled with steady or rising air freight traffic in the region’s leading economies, is testament to the Asian economy’s growth especially in the areas of technology.
Developed jointly by DHL and Accenture, the DHL Global Trade Barometer provides a quarterly outlook on future trade, taking into consideration the import and export data of seven large economies: China, South Korea, Germany, India, Japan, the United Kingdom, and the United States. Together, these countries account for 75 percent of world trade, making their aggregated data an effective bellwether for near-term predictions on global trade. The DHL Global Trade Barometer, which assesses commodities that serve as the basis for further industrial production, predicts that global trade will continue to grow in the next three months, despite slight losses in momentum.
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Source: DHL via Media OutReach