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Exports grow for 9th month on chips, autos

By Kang Yoon-seung

SEOUL, Aug. 1 (Yonhap) — South Korea’s exports jumped 29.6 percent on-year in July to extend their gains to a ninth consecutive month as the global economy maintained a recovery, leading to robust demand for chips and cars, data showed Sunday.

Outbound shipments came to US$55.4 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports climbed 38.2 percent to $53.6 billion, resulting in a trade surplus of $1.76. It marked the 15th consecutive month for the country to post a trade surplus.

The July exports came in line with what the market had been expecting.

According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country’s July exports were expected to have risen 29.4 percent on-year.

Last week, the central bank said South Korea’s economy grew 0.7 percent on-quarter in the April-June period, after a 1.7 percent expansion in the first quarter.

The bank said South Korea is also on track for a 4 percent expansion this year on the back of the strong recovery of domestic demand and robust exports.

colin@yna.co.kr
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