South Korea’s early trade data show exports are likely to maintain their growth momentum this month, continuing their rebound from a year-long slump and helping brighten the outlook for global commerce.

Exports increased 2.2% on average in the first 20 days of November compared with a year earlier, the customs office said Tuesday. Imports fell 6.2%, resulting in a trade shortfall of $1.4 billion.

Korea is a key global exporter, supplying a wide range of goods and components from semiconductors and smartphones to ships and cars to markets around the world. As a result, the country’s exports serve as a useful indicator of the health of the global economy.

Last month Korean exports rose for the first time since late last year, in a positive sign for the nation’s growth outlook and for global trade, boosting confidence among policymakers that the Korean economy would expand 1.4% in 2023.

Key to the rebound has been the bottoming-out of the price for semiconductors that are crucial to the country’s economy. Chip sales rose 2.4%, continuing their recovery, while automobile exports jumped 20.1%. Wireless communications products such as smartphones edged up 0.2% in shipments.

India and the US helped lead the rebound among larger markets, while Korean shipments to China still struggled with a decline of 2.4%. Still, exports to Hong Kong increased 28.7% from a year earlier.

Headwinds for Korean exports include weakening forecasts for global economic growth next year, and central banks keeping their interest rates high as they continue their fight against inflation.