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Trade Trends News
15-08-2024
- Exports up 13.9% year-on-year (forecast was 18.4%)
- Chip sales lead the growth, while auto sales decline
- Strong demand from the U.S., sharp rise in shipments to China
- Economists expect export growth to weaken in the second half of the year
Trade data released on August 1 showed that South Korea's exports in July recorded their fastest growth in six months, driven by strong chip sales. However, the growth fell short of market expectations due to concerns about the sustained recovery of demand from China.
Exports from Asia's fourth-largest economy rose 13.9% year-on-year to $57.49 billion, following a 5.1% increase in the previous month, marking the fastest growth since January.
Despite this increase, it was below the 18.4% growth forecast by economists in a Reuters poll.
Semiconductor exports grew for the ninth consecutive month, surging 50.4%, along with other IT products. However, automobile exports declined by 9.1%, as major car companies started their summer holidays earlier.
By destination, exports to the U.S. grew for the 12th consecutive month, increasing by 9.3%, while exports to China surged by 14.9%, reaching $11.4 billion, the highest level in 21 months.
Park Sang-hyun, chief economist at HI Investment & Securities, stated, “Even considering the base effect, last month’s performance was somewhat disappointing.”
“Export momentum seems to be weakening. China will be key, but recent signs raise doubts about the sustainability of its economic recovery.”
A survey released on July 31 showed that China's manufacturing activity weakened in July as factories struggled with declining new orders and lower prices, suggesting tough times ahead for the world's manufacturing powerhouse in the second half of the year.
South Korea's Minister of Trade, Industry, and Energy, Ahn Duk-geun, stated, “Exports have started well in the second half,” and reiterated the government's goal of achieving record exports this year.
Imports in July rose 10.5% to $53.88 billion, after falling 7.5% in June. This was the fastest increase since September 2022 but lower than the 13.4% rise predicted by economists.
As a result, the country’s trade surplus for July stood at $3.62 billion, down from $7.99 billion in the previous month, which had been the largest surplus since September 2020.
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