{"id":78334,"date":"2024-05-02T00:00:00","date_gmt":"2024-05-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/05\/02\/amazons-1q-earnings-beat-expectations-south-koreas-exports-boomed-in-april\/"},"modified":"2024-05-02T00:00:00","modified_gmt":"2024-05-02T00:00:00","slug":"amazons-1q-earnings-beat-expectations-south-koreas-exports-boomed-in-april","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/05\/02\/amazons-1q-earnings-beat-expectations-south-koreas-exports-boomed-in-april\/","title":{"rendered":"Amazon\u2019s 1Q earnings beat expectations + South Korea\u2019s exports boomed in April"},"content":{"rendered":"

<\/strong>Amazon tripled its quarterly bottomline y-o-y to USD 10.4 bn in <\/strong>Q1 2024 rising above Wall <\/strong>Street\u2019s expectations<\/strong>, Reuters<\/a> reports. Sales spiked by 13% to USD 143.3 bn, growing beyond the USD 142.5 bn average. The tech giant\u2019s earnings growth was driven by marked interest in AI. Amazon\u2019s leading cloud-computing services subsidiary Amazon Web Services recorded a 17% jump in revenues to USD 25 bn, exceeding expectations of USD 24.53 bn. However, the firm expects its 2Q revenues to settle between USD 144 bn and USD 149 bn, which is less than analyst expectations of USD 150.07 bn.<\/p>\n

S<\/strong>outh Korea\u2019s exports boomed in April on the back of record demand <\/strong>from the US<\/strong>, Bloomberg<\/a> reports. South Korea\u2019s export shipments that reflect working-day differences witnessed an 11.3% y-o-y increase, while overall imports increased 5.4%, with the trade surplus being recorded as USD 1.5 bn, the outlet reports. Exports to the US reached a record high of USD 11.4 bn, a 24% y-o-y increase. Shipments to China amounted to USD 10.5 bn, making April the third month with exports to the US exceeding those to China. The shift in South Korea\u2019s trade activity comes amid efforts by the US to curb China\u2019s dominance in global trade, with China having stood as the primary destination for South Korean products for two decades.<\/p>\n

El Nino is to blame for the reduced water levels at the Panama Canal last year<\/strong>, <\/strong>not <\/strong>climate change<\/strong>, Reuters<\/a> reports, citing a study<\/a> by research firm World Weather Attribution. Management of the canal\u2019s waters, including prioritizing water for human consumption rather than the canal, also contributed to the low water levels, which led to the enforcement of shipping restrictions<\/a> and disruption in global trade, says the newswire. As El Nino ends and the rainy season arrives on cue, the canal\u2019s operations are expected to return to normal. \u201cWe expect the canal system will be fully recharged by the end of the year and shipping should be back to normal sometime several months before then,\u201d the study\u2019s co-author Steven Paton said.<\/p>\n

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