South Korea's exports extended on-year gains to the tenth straight month in July on the back of the robust performance of semiconductors, data showed Thursday. Outbound shipments rose 13.9 percent on-year to USD 57.4 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports added 10.5 percent on-year to USD 53.8 billion, resulting in a trade surplus of USD 3.62 billion. South Korea has been maintaining a trade surplus for 14 consecutive months. The combined trade surplus over the January-July period reached USD 26.7 billion, the highest since 2018. By sector, exports of chips jumped 50.4 percent in July from a year earlier to USD 11.2 billion, marking nine straight months of on-year gains. The growth remained above the 50 percent mark for four consecutive months as well. "The government will utilize all available resources and work closely with the private sector to set a new record in exports this year," Industry Minister Ahn Duk-geun said in a statement. South Korea aims to achieve annual exports of USD 700 billion this year. Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips, coupled with global economic uncertainties. Source: Qatar News Agency
Thursday, November 07, 2024