July Exports Grow 2.6% Despite Negative Factors

SEOUL, KOREA- July exports have turned to a positive growth in only a month, largely thanks to a rise in exports to the EU and a lull in the Japanese yen's weakening trend.The Ministry of Trade, Industry, and Energy said on August 1 that the July export figure has increased 2.6 percent to US$45,841 million from a year ago while imports rose 2.7 percent to $43,127 million. All told, the trade balance was $2,713 million, continuing the rally of surplus for 18 consecutive months since February last year.

Given that fact that there was one more business day in July this year than the last, the export performance was slightly below the expected level. The average daily export volume was $1,830 million, down 1.5 percent from the same month last year. This is the lowest level since August last year when the average figure was $1,790 million.

But the bright side is that the export number rose despite the news that the U.S. monetary authority may phase out its quantitative easing measures earlier than expected and the Chinese economy is in danger of a hard landing.

By export destination, the exports to the EU area rose 8.2 percent from a year ago. Other regions including China (14.5%) and the U.S. (8.5%) also showed a robust growth pace. By export item, mobile communications (27.3%), semiconductors (21.8%), and petrochemical products (7.8%) led the pack. Ship exports also rose 19.3 percent in July following a 7.2-percent growth in June, raising expectations that the shipbuilding sector may finally get out of the years-old downturn.

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