SEOUL: South Korea’s exports are poised to improve in January as global demand held up at the beginning of 2022 despite the spread of the Omicron virus variant.

       Exports rose at a faster pace of 22% in the first 20 days of January from a year earlier, after preliminary figures for the same period slowed in the past two months, customs office data showed Friday.

       Average daily shipments climbed 18% during the period.

       South Korea’s trade data is an early indicator of the world’s economic activity as its manufacturers are positioned widely across supply chains.

       The solid export figure suggests the global recovery from the pandemic is continuing even in the face of stricter rules due to the spread of omicron.

       “Sturdy exports data is likely reflecting the influx of early demand from China before the Lunar New Year holidays and the Beijing Olympics,” said Ha Keon-hyeong, an economist at Shinhan Investment Corp in Seoul.

       “While figures look positive, we will watch the trend closely as there are reservations over China’s Covid-19 situation,” he said.

       The nation’s shipments rose to a record value last year as economies recovered from pandemic weakness.

       Friday’s report showed exports to China rose 18.8% between Jan 1 to Jan 20 from a year earlier.

       Shipments to the United States climbed 28%, while those to the European Union grew 15.8%, and to Japan 18.3%.

       Overall semiconductor shipments rose 29.5%. Exports of cars increased 22.8%, while oil products advanced 84%.

       Sales of home appliances jumped 105.4%, while that of wireless communication devices dropped 40.4%.

       Korea’s overall imports grew 38.4% in the first 20 days of January. Data for the full month will be released on Feb 1. — Bloomberg