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S. Korea posts record-high exports for July Updated: 2021-08-02 05:55:41 KST

South Korea in the month of July posted its best monthly export figures on record.
The Ministry of Trade, Industry and Energy said on Sunday that the country's exports last month came to around 55.4 billion U.S. dollars.
That's the highest since the figure was first compiled in 1956.
The previous record was in 2017 at some 55.1 billion dollars.
July's figure was the ninth straight month in which exports were up compared to a year earlier.
And this was mainly thanks to an outstanding performance by South Korea's key industries, including chips and machinery, as the global economy recovers more broadly.

"South Korea's exports are expanding, especially in key items closely related to the trend of the digital transformation, along with better conditions in the global economy."

By sector, semiconductors jumped almost 40 percent to 11 billion dollars, the highest amount on record for the month of July.
Petrochemicals came second, soaring almost 60 percent, and general machinery a rise of 18 percent.
Automobiles and computers also performed well.
The country's outbound shipments expanded to all nine major export partners, especially China, the U.S., the EU and the countries of ASEAN.
Imports also rose, but not quite as much at 38 percent, coming to around 53 billion dollars.
So, can South Korea stay on this upward trend?
Uncertainties still linger due to the ongoing pandemic, but there is cause for optimism.

"There are some risks coming from the spread of the Delta variant, which could undermine global economic conditions, but I still believe there's a chance that the current trend will continue."

Korea's trade ministry also said it expects exports to remain strong, citing improved business sentiment and an increase in exports prices in general.
Kim Sung-min, Arirang News
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