S. Korea’s exports rise 5.1% in June

South Korea’s exports rose for the ninth month in a row in June, but the growth rate of 5.1 per cent was lower than expected, possibly due to fewer working days for shipments compared to June 2023.

Despite the slowdown, overseas sales reached $57.07 billion in June, while imports decreased by 7.5 per cent to $49.07 billion.

The positive trend was driven by strong demand for chips and cars. Chip exports surged by 52.2 per cent year-on-year, fueled by rising memory chip prices. Car exports also saw an increase of 3.8 per cent.

Attribution: Reuters