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Korea's exports gain 9.4% in July 2022-08-01

The Ministry of Trade, Industry and Energy announced on August 1 that the value of Korean goods shipped overseas in July grew 9.4 percent to USD 60.7 billion, posting highest ever exports value for the month of July (previous highest was that of July 2021 at $55.5 billion).

High energy prices pushed imports up 21.8 percent to $65.4 billion, resulting in a trade deficit of $4.7 billion.

Daily average exports reached historic highs by improving 14.1 percent to $2.6 billion, and overall exports achieved growth for 21 consecutive months despite headwind elements like a high base effect and major countries’ monetary tightening measures induced by global inflation.

Outbound shipments of seven major items posted growth, four of which rose by double digits. Semiconductors, steel and petroleum products are particularly on a long-term growth spurt, advancing for 25 months, 19 months, and 17 months straight, respectively.

By item, chip exports gained 2.1 percent to $11.2 billion, recording historic high exports for July in spite of high inflation and slowdown of consumer demand for IT devices.

Exports of automobiles increased 25.3 percent to $5.1 billion, enjoying the partial breakthroughs in automobile chip supply issues and belated shipments from recent truckers’ strikes.

Petroleum products (up 86.5 percent to $6.7 billion) are seeing unprecedented exports growth in double digits, thanks to surging oil prices (Dubai crude oil price is up 41.4 percent to $103.14 per barrel) and robust demand for coming winter season’s transportation fuel.

Ship exports (up 29.2 percent to $2.6 billion) increased as offshore plant orders expanded.

Shipment of secondary batteries (up 11.8 percent to $0.9 billion) surpassed all monthly records due to China’s electric vehicle (EV) subsidy program and U.S.’ expansion of EV production.

Steel exports (up 5.2 percent to $3.3 billion) are hitting positive growth for 19 consecutive months, owing to high demand in the U.S., EU and ASEAN region.

Car parts (up 2.1 percent to $2.0 billion) are seeing thriving demand in not only ASEAN and India but also in the U.S., driving up sales with localized strategies.

Meanwhile, deteriorating market conditions and intensifying global inflation drove down exports of items like computers (down 27.3 percent to $1.1 billion), petrochemicals (down 1.7 percent to $4.7 billion), displays (down 2.7 percent to $1.8 billion) and home appliances (down 18.7 percent to $0.7 billion).

By destination, exports to the U.S. (up 14.6 percent), ASEAN (up 20.9 percent), EU (up 14.6 percent), India (up 92.4 percent), and GCC (up 11.7 percent) advanced, while exports to China (down 2.5 percent), Japan (down 1.4 percent), Latin America (down 7.9 percent) and CIS (down 5.7 percent) contracted.

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