South Korean exports of chips and other key products are forecast to expand at a double-digit rate in February on increased prices and a recovery in overseas demand, sources said Friday.

The sanguine outlook, which local trade associations offered at a meeting hosted by the Ministry of Trade, Industry and Energy, comes as the country’s overseas shipments have been on the mend in recent months after a prolonged slump.

Overseas shipments of most flagship products are likely to increase in February from a year earlier thanks to a hike in unit prices and improving overseas demand for South Korean goods.

Notably, exports of such key items as chips, flat panels, computers, petrochemicals and steel products are predicted to climb at double-digit rates, they said.

Should exports of Asia’s fourth-largest economy grow on-year in February, it would mark the fourth consecutive month of increase for the first time since December 2011.

According to earlier customs data, South Korea’s outbound shipments surged 72.8 percent on-year to $15.1 billion in the first 10 days of February.

Stung by falling global demand for its products, South Korea’s exports had been on the skids since 2015 before turning around in November last year and growing for three months in a row.

The country’s outbound shipments had dipped for 19 consecutive months before posting a 2.6 percent rise in August 2016. They again slipped 5.9 percent and 3.2 percent on-year in September and October, respectively, before gaining 2.5 percent in November, followed by a 6.4 percent increase in the following month.

In January, exports climbed 11.2 percent on-year to $40.3 billion, marking the first double-digit gain since January 2013. (Yonhap)