Korea Posts All-Time Best Exports in July

  • By Ahn Joon-ho

    August 02, 2021 12:33

    Korea's exports reached US$55.4 billion in July, the biggest amount since it began tallying monthly data in 1956.

    They were powered by strong sales of the country's 15 major export items including semiconductors and petrochemical products to nine key markets amid a global economic recovery.

    The Ministry of Trade, Industry and Energy said Sunday that last month's exports surged 29.3 percent on-year to $55.4 billion, surpassing the previous all-time high of $55.1 billion in September 2017.

    Exports have increased for nine months running and cumulative shipments in the first seven months of this year also reached an all-time high of $358.7 billion.

    Imports also rose to $53.7 billion, up 38.2 percent on-year, but Korea achieved a juicy trade surplus of $1.8 billion.

    Can the trend continue? The ministry said that the world economy and trade are recovering and exports are benefiting from higher prices, but the growth rate will likely slow down while the Delta variant of coronavirus can wreak havoc as well. 

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