South Korea's June exports grow for the 9th month but miss forecasts
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South Korea's Exports Surge for Ninth Consecutive Month
South Korea's export growth continued for the ninth straight month in June, despite not meeting analysts' expectations. The growth was driven primarily by strong demand for semiconductors, underscoring the ongoing export recovery in Asia's fourth-largest economy.
Export and Import Figures
According to preliminary data from the Korea Customs Service, overseas sales in June rose by 5.1% year-on-year, reaching $57.07 billion. In contrast, imports declined by 7.5% from the previous year, totaling $49.07 billion. The export growth was below the analysts' forecast of a 6.3% increase.
Factors Influencing the Growth Rate
The growth rate fell short of expectations partly due to calendar effects. June had only 21.5 working days available for shipments this year, compared to 23 working days in the same month last year. This difference in working days likely impacted the total volume of exports, consequently affecting the growth rate.
For a comprehensive analysis of South Korea's trade performance and future projections, stay tuned for further economic reports.
