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South Korea exports surge 20% for ninth straight monthly increase

Tuesday, August 1, 2017 - 09:28

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South Korea's exports topped expectations in July, as strong global demand continues to underpin the nation's economy.

[SEOUL] South Korea's exports topped expectations in July, as strong global demand continues to underpin the nation's economy.

Exports jumped 20 per cent in July from a year earlier, a seventh straight double-digit increase and the ninth consecutive gain, data from the Ministry of Trade, Industry and Energy showed. The median estimate of economists was for a rise of 16 per cent.

Imports rose 15 per cent, versus expectations for an increase of 15 per cent.

The resulting trade surplus was US$10.6 billion.

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Surging exports and investment have supported Korea's economic recovery even as weak consumption has limited overall growth.

South Korean president Moon Jae-In last week laid out policy plans to boost jobs and wages to stimulate domestic consumption, and an 11 trillion won (S$13.35 billion) extra budget approved last month is expected to help sustain the economic uptrend for Asia's fourth-biggest economy. But trade tensions with the Trump administration over a bilateral trade deal pose a risk. 

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