SEOUL : South Korea's exports grew at a faster annual pace in July as robust demand from the United States offset weak sales to China, though the trade and broad economic outlook was clouded by slowing global growth amid rapidly rising borrowing costs.
"There were worries of a steep slowdown, but thanks to high export prices and solid demand from the United States, the export growth managed to continue a decent trend, especially considering fewer working days," said Park Sang-hyun, chief economist at HI Investment and Securities. The latest trade figures from Asia's fourth-biggest economy showed exports grew 14.1 per cent on average per working day, as there was one fewer working day in July from the same month a year earlier.
Shipments to the United States gained 14.6 per cent from a year earlier, following 12.2 per cent rise in June, to the biggest monthly amount on record. Exports to the European Union also added 14.6 per cent, a welcome sign for Korea's globe-trotting manufacturers facing pressure from a slowing world economy.
Source: Loan Digest (loandigest.net)
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