South Korea’s exports jumped 45.6 percent on-year in May to extend their gains to a seventh consecutive month due to strong demand for chips amid the global economic recovery, underscoring a rebound from the pandemic-caused slump, data showed Tuesday.
The recovery of the global economy led to more demand for petrochemical products from various industries, leading to growth of 94.9 percent on-year to $4.5 billion.
The OECD revised its 2021 growth outlook for the global economy to 5.8 percent from its earlier estimate of 5.6 percent.
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