Sales of memory chips soared 16.4% on-year, continuing stellar growth trend as the nation’s chipmakers including Samsung Electronics and SK Hynix post strong earnings. The Bank of Korea on Thursday raised its gross domestic product forecasts for this year as it sees export growth to be better-than-expected to offset risks from a third wave of coronavirus infections. “Strong sales of memory chips are leading the recovery but the pace of overall export growth could be somewhat slow until January due to the resurgence of the coronavirus across the U.S. and Europe,” said Moon Jung-hui, an economist at KB Bank. ADVERTISEMENT “We should see stronger pick-up in export growth from February or March, when virus concerns subside and vaccines get distributed.” Of the nation’s 15 major export items, shipments of 10 items, including memory chips, mobile devices, computers and cars increased in November. Imports declined 2.1% to $39.88 billion, also missing forecasts for a 0.2% increase. By destination, exports to China, South Korea’s biggest trading partner, gained 1.0% on-year. (Reporting by Cynthia Kim; Editing by Stephen Coates) Our Standards: The Thomson Reuters Trust Principles. MORE FROM REUTERS