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South Korea exports grow faster in August

South Korea's exports expanded at a faster pace in August than the previous month in a sign of economic recovery, the Ministry of Trade, Industry and Energy said , beating market expectations
Exports in August gained 7.7% from a year earlier to $46.365 billion, following a 2.6% rise in July, the trade ministry said
Seven economists polled by Dow Jones had tipped a median 4.0% growth in August
Imports increased 0.8% on year to $41.449 billion in August, compared with a revised 3.2% gain in July, the ministry said
The Dow Jones survey had forecast a 2.9% rise for August
The August trade surplus of $4.916 billion was up from July's revised $2.54 billion surplus
The poll had projected a $2.8 billion surplus for August
The finance ministry expects the country's economy to expand 2.7% in 2013, following a 2% growth in 2012--the slowest in three years on shrinking global demand--after growing 3.6% in 2011

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BEIJING--China's official manufacturing Purchasing Managers Index rose to 51.0 in August compared with 50.3 in July, the China Federation of Logistics and Purchasing, which issues the data with the National Bureau of Statistics, said in a statement Sunday.

The August PMI was higher than the median 50.6 forecast of eight economists polled earlier by Dow Jones Newswires.

A PMI reading above 50 indicates an expansion in manufacturing activity from the previous month, whereas a reading below indicates contraction.

The statistics bureau said that the figure reflects a stable upturn in the sector though smaller enterprises still are having difficulties and additional government support measures are needed.

The sub-index for new orders showed a fairly sharp rise, climbing 1.8 percentage points from the previous month to 52.4.

It added that domestic demand had improved and that in turn gave a boost to imports.

HSBC's "flash," or initial, reading of manufacturing activity, a competing measurement, came in at 50.1 in August.

The final August reading for the HSBC PMI is due out at 0145 GMT Monday.