The Zhitong Finance App learned that South Korea is scheduled to release trade data for April on Wednesday, May 1. According to a survey released on Monday, due to strong chip sales, exports from this economy, which the market sees as the “canary” of the global economy, are expected to grow at a faster rate in April and achieve a seventh consecutive month of growth.

According to the survey, the median estimate of 15 economists shows that exports from Asia's fourth-largest economy are expected to increase 13.7% year-on-year in April.

This is a sharp increase from the 3.1% increase in March. According to reports, March was the month with the smallest year-on-year increase in growth since October last year.

As the first major export economy to publish monthly trade data every month, South Korea's data usually gives the market an initial understanding of global demand.

Ha Keon Hyeong, an economist at Shinhan Securities, said, “As chip sales continue to be strong, exports of home appliances and computers have also improved, and exports are expected to achieve double-digit growth for the first time in three months.”

In the first 20 days of this month, South Korea's exports increased by 11.1%, with semiconductor shipments increasing by 43.0%, achieving continuous growth since November last year.

Data released last week showed that, driven by a recovery in domestic consumption and strong exports, the South Korean economy grew at the fastest rate in more than two years in the first quarter, exceeding all market expectations.

Economists said that by destination, exports to the US will continue to be the main driving force in April, while demand from China has begun to recover.

“It is expected that exports to China will fully enter a positive growth range starting this month,” said Chun Kyu-yeon, an economist at Korea Asia Securities.

The survey also predicts that imports will increase 6.2% year-on-year in April, following a 12.3% decline in March due to rising oil prices. This will be the first year-over-year increase since February 2023.

Overall, the country's trade balance is expected to remain in surplus for the 11th consecutive month, with a median surplus of $2.41 billion, compared to $4.29 billion in March.