South Korea Posts Surge in Exports for Sixth Straight Month
(MENAFN) South Korea's export volumes continued their upward trajectory for the sixth month in a row, driven by robust demand for electronic goods, according to data released Thursday by the Bank of Korea (BOK).
The export volume index rose 8.2% in July compared to the same period last year, marking a consistent growth trend that has been ongoing since February.
Notably, shipments of computers, electronics, and optical devices saw a sharp 20.6% increase in July, maintaining double-digit growth for the fifth month running. On the other hand, exports of oil products, chemicals, metal goods, and transport equipment grew in the low single digits. However, machinery and equipment shipments experienced a notable downturn, dropping by double digits.
Meanwhile, the export value index also saw a 4.3% rise in July year-on-year, continuing its upward momentum for the second month in a row.
In terms of imports, the volume index rose by 7.8%, with the import value index climbing 1.8% for the same period.
The net terms-of-trade index, which reflects the ratio of export prices to import prices, increased by 2.1% year-on-year in July, benefiting from a sharper decline in import prices compared to export prices.
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