SEOUL – South Korean exports grew by double digits for the fourth month in a row in June, albeit at a slower pace, thanks to steady economic recovery in major countries across the world and continuing high demand for memory chips and automobiles. According to trade ministry figures released on Thursday, exports increased 39.7% in June compared to the same month a year ago, reaching the third-highest value on record of US$54.80 billion. This was more than the 33.6 percent average of 17 economist projections in a Reuters poll, and it was the eighth month of expansion in a row.
In May, exports increased by 45.6 percent, the most since August 1988.
The country’s monthly trade data is keenly monitored because it is the first among major exporting nations to be released and is usually seen as a signal for global trade.
Sales of semiconductors, the country’s main export, increased by 34.4 percent for the 12th month in a row, while sales of autos and petrochemical goods increased by 62.5 percent and 68.5 percent, respectively.
Exports to China, the United States, and the European Union each climbed 14.3%, 51.9 percent, and 65.3 percent, respectively, while exports to South Korea’s six other main trading partners increased as well.
Imports increased 40.7 percent in June, exceeding predictions of a 33.0 percent increase, according to Thursday’s report. The trade surplus was US$4.44 billion, up from US$2.94 billion the previous month. The finance ministry raised its 2021 growth prediction to 4.2 percent, an 11-year high, with an 18.5 percent increase in exports driving the rise. (Jori Roh contributed reporting, and Christopher Cushing edited the piece.)/nRead More