Shipping containers stacked in the container terminal at Busan Port on November 5, 2021. Busan Port, located in the southeast of the Korean peninsula, plays the role of a gateway to the Asian continent in the Pacific Ocean.
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South Korea’s exports grew at a faster annual pace in July than a month earlier, trade ministry data showed on Monday, while the trade deficit widened to the biggest in six months.
Exports rose 9.4% in July from a year earlier to $60.70 billion, matching the forecast in a Reuters poll, after a 5.2% rise in the previous month.
The stronger exports growth provides some relief to policymakers as they look to contain rising inflation derailing an economic recovery.
South Korea’s exports grew at a faster annual pace in July than a month earlier, trade ministry data showed on Monday, while the trade deficit widened to the biggest in six months.
Exports rose 9.4% in July from a year earlier to $60.70 billion, matching the forecast in a Reuters poll, after a 5.2% rise in the previous month.
The stronger exports growth provides some relief to policymakers as they look to contain rising inflation derailing an economic recovery.
Imports gained 21.8% to $65.37 billion, faster than 19.4% a month earlier and 20.7% seen in the survey.
The result was a $4.67 billion trade deficit, marking the biggest in six months and fourth straight monthly deficit in a row.
Shipments to the United States gained 14.6% from a year earlier, following 12.2% rise in June, to the biggest monthly amount on record. Exports to the European Union also added 14.6%, a welcome sign for Korea’s globe-trotting manufacturers facing pressure from a slowing world economy.
Sales to China, which has been hit by outbreaks of Covid in recent months, fell for a second month by 2.5%.
By products, exports of semiconductors grew 2.1%, petroleum products surged 86.5%, and cars advanced 25.3%.
There were 23.5 working days in June, compared with 24.5 a year earlier.
By CNBC
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