South Korea Exports Rise Less than Expected
Exports from South Korea advanced 29.6% yoy to a record high of USD 55.4 billion in July 2021, but below market forecasts of a 30.2% growth and after a 39.7% jump in June. This was the ninth straight month of increase in outbound shipments, amid strengthening overseas demand in the aftermath of the COVID- crisis. Sales of chips, the country's top export, surged 39.6%, while those of petrochemicals and petroleum jumped 60 % and 73%, respectively. Exports also grew for the bio-health sector (27.2%) and rechargeable batteries (30%). At the same time, sales of cars rose by 12.3 percent. Shipments to China soared 15.7%, while those to the US gained 32%. Sales also rose to Japan (28%). Meanwhile, sales to the EU and the ASEAN countries jumped 44.0% and 36.8%, respectively.
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