Business & Economy

South Korea’s trade surplus expands 51.5% in June

Seoul, Jul 1 (EFE).- South Korea recorded a trade surplus of about $4.44 billion in June, a year-on-year increase of 51.5 percent, the government announced Thursday.

This is the 14th month that the country has recorded a trade surplus, according to the data released by the Ministry of Trade, Industry and Energy.

South Korean exports grew by 39.7 percent year-on-year to $54.8 billion, driven by an increase in demand for chips and automobiles amid a recovery of commercial activity in the current context of the pandemic.

Meanwhile, imports increased by 40.7 percent year-on-year to $50.3 billion.

By segment, semiconductor exports grew by 34.4 percent compared to the same month of the previous year to $11.1 billion, the second consecutive month in which they exceeded the $10 billion threshold.

Automobile exports also soared 62.5 percent to $4 billion as global demand returned to pre-Covid-19 levels.

Sales of automobile parts also doubled to $1.96 billion.

By country, South Korea’s exports to China increased by 14.3 percent year-on-year and to the United States, by 51.9 percent.

South Korean exports increased by 26.1 percent during the first six months of 2021 to $303 billion, a new record for that period.

Earlier this week, the South Korean finance ministry upgraded its growth forecast for the country’s economy for 2021 amid solid exports, a key driver of the economy, and a progressive recovery of consumption.

The South Korean government expects Asia’s fourth economy to expand 4.2 percent this year, a sharp upgrade from the 3.2 percent forecast it made in December.

The South Korean central bank also raised its growth forecast considerably for the year to 4 percent in May. EFE


Related Articles

Back to top button