Korea: Export turnover in 7 months reached 358.7 billion USD, chips and cars are “expensive”
South Korea’s exports in July 2021 rose 29.6 percent year-on-year to a record high of $55.4 billion, extending growth to a ninth straight month.
|Korea’s exports are expected to maintain growth momentum in the near future. Photo: Reuters/VNA|
Figures from the Ministry of Trade, Industry and Energy show that South Korea’s exports reached $55.4 billion in July 2021 thanks to strong sales of cars and chips. This is the highest increase since Korea began compiling relevant data in 1956. Export turnover in the first seven months of this year reached $358.7 billion, also setting a new record.
Export sales of chips, the main export product of Asia’s fourth-largest economy, grew 39.6% during the period to $11 billion. Automobile exports also increased by 26.4%, reaching 4.1 billion USD. Other export items also increased sharply, including petrochemical products (up nearly 60% to $4.7 billion), export of rechargeable batteries (up more than 30%, reaching $790 million).
South Korea’s exports are expected to maintain growth momentum, as global trade recovers despite the COVID-19 pandemic, the Ministry of Trade, Industry and Energy said.
Last week, the Bank of Korea (BoK) said the country’s economy grew 0.7 percent in the second quarter of 2021 from the first quarter of 2021, after growing 1.7 percent in the first quarter of 2021.