Exports in July jump nearly 20 percent as Korea expands its global trade

7월 수출 19.5% 증가, 7개월째 두자릿수 증가
Encouraging news on the trade front... as South Korea's exports posted yet another huge on-year jump in July.
The ninth straight month of growth was mainly driven by semiconductors,... but Seoul's efforts to diversify global trade links also paid dividends.
Oh Soo-young reports.
It seems Korea's export boom is continuing, as the country diversifies its outbound shipment destinations.
The trade ministry on Tuesday said, exports grew 19.5 percent on-year in July,... hitting 48 billion U.S. dollars.
That's the ninth-consecutive month of export growth for the country.
Imports also surged 14-point-five percent on-year,... with the country's trade surplus tallied at just over one billion dollars.

IT products were the main drivers of export growth once again,... as semiconductor sales jumped 57 percent on-year,... with solid state drives hitting a historic high of 520 million dollars.
Korea's shipbuilding industry saw **jump in exports, on a spate of new vessel orders.
But another major growth contributor in July,... were increased shipments to other Asian countries.
Exports to India surged 79-point-two percent,... fueled by rising demand for wireless communication equipment and machinery.
Increased exports of machinery, semiconductors and displays, also drove up shipments headed to Vietnam and the ASEAN bloc by roughly 30 percent.
Meanwhile, shipments of chips and steel to China and Japan continued to grow for the ninth-straight month.
Trade with the U.S. also picked up 7 percent, despite a significant fall in exports of automobiles and household electronics.

"Experts say Korea must continue to increase and strengthen its trade links, in the face of various global uncertainties that could affect its exports down the line."

Risk factors include U.S. trade actions against Korean goods and businesses,... as well as a possible slide in global oil prices and financial market uncertainties as the U.S. Federal Reserve looks to reduce its balance sheets.

"With the world economy set to recover steadily this year,... exports are forecast to maintain an upward trend for the rest of the year, albeit slower than the pace we've seen so far. Demand for semiconductors is likely to continue growing but the hike in unit prices is projected to soon lose steam."

Aside from traditional export items such as machinery and IT products, the analyst also said consumer goods such as household products and cosmetics have also seen growing demand in emerging markets -- showing potential for further growth.
Oh Soo-young, Arirang News.

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