South Korea’s early trade data showed exports continued to rise in January, as demand for tech products stayed resilient amid a global resurgence of the coronavirus. Exports rose 11% in the first 20 days of the month from a year earlier, the customs office reported Thursday. Average daily shipments increased at the same pace so far in January, the fastest since 2018 and compared with gains of 7.9% during December and 6.4% in November. Exports to China, the U.S. and the European Union all posted double-digit gains during the period. Korea’s overall semiconductor shipments increased 12%.
The report, closely watched as an early indicator of global trade, suggests demand is on the mend despite some countries placing stricter curbs on activity. Vaccinations kicking off in major economies such as the U.S. and Europe are adding to hopes of a normalization of global trade this year, though it will take a significant time until inoculation is widespread enough to bolster activity across the board.