South Korea’s exports increased in August for the 11th consecutive month. However, growth is weaker than market expectations and compared to previous months. Because while the demand for computer chips is low, car sales are also sluggish.
Analyzing trade data on Sunday (September 1), Asia’s fourth-largest economy’s overseas sales rose 11.4 percent year-on-year to $57.90 billion. However, this is lower than the previous month’s 13.9 percent.
Growth in the country’s semiconductor exports was the slowest in five months. Moreover, due to some temporary reasons, car sales have decreased for three consecutive months.
South Korea’s exports to China have slowed but increased to the US. Moreover, exports to the European Union increased by 16.1 percent to a record 6.4 billion dollars.
Ahn Duk-geun, the country’s trade minister, said exports are heading for a record high this year. He also said that there is a trend of growth in the main export markets.
All told, South Korea’s trade surplus in August was $3.83 billion. The trade surplus was 3.60 billion dollars in the previous month.
Views: 0
