Exports grew 19.5% in July, ministry reports

Korea’s exports continued their rally for nine straight months, rising a sharp 19.5 percent last month on brisk overseas sales of semiconductors, the Ministry of Trade, Industry and Energy said Tuesday.

Outbound shipments came to $48.85 billion in July, up from $40.88 billion a year earlier, the ministry said. The country’s exports have been on a steady rise since November, led by an upturn in oil prices and recovering global trade. The country posted double-digit export growth for seven months in a row.

The average export value per working day advanced 19.5 percent to $2.08 billion to record an eighth consecutive month of growth, with won-denominated shipments also rising 18.5 percent, marking nine straight months that this number has advanced.

The trade tally showed imports advancing 14.5 percent year-on-year to $38.2 billion last month. Last month’s trade surplus came to $10.6 billion, marking 66 straight months that the country’s exports have exceeded imports, the ministry said.

The trade ministry said rising global demand for Korea’s key export items including semiconductors helped the country’s exports. Shipments of computer chips surged 57.8 percent in July to $7.89 billion, the second-largest monthly tally, on the back of steady price increases and growing demand for IT devices. Outbound shipments of semiconductors have been playing a major part in spearheading the upside cycle.

Sales of ships skyrocketed 208.2 percent last month to extend its winning streak to five months as struggling Korean shipbuilders managed to sell two offshore plant vessels, while outbound shipments of petrochemicals increased 13.5 percent on an uptick in oil prices.

Overseas sales of flat screens were on a roll and gained 6.3 percent last month from a year earlier on stellar sales of organic light-emitting diode panels, and those of vehicles rose 7.5 percent on demand from Europe. YONHAP