South Korean export rates rebound in July, hit by global economy

Kathmandu, August 1 – South Korea’s export rates, hit by a global economy weakened by the Kovid-19 epidemic, rebounded in July, according to government data.

Global demand for the commodity has also improved as vaccine-related infections have declined.

According to South Korea’s Ministry of Trade, Industry and Energy, Korea’s overall exports of goods rose 29.6 percent year on year to. 55.44 billion in July. This is the highest export since data collection began in 1956, according to government officials. Earlier, in September 2017, South Korea’s exports increased by 55.12 billion US dollars.

Imports rose 38.2 percent to. 53.67 billion in July. As a result, South Korea’s trade surplus reached 1.77 billion. The balance of trade was worrisome for 15 consecutive months.

For the fourth month in a row, South Korea’s exports have risen more than 20 percent since November last year.

In the first seven months of this year, exports reached a new high of 358.7 billion. This is an increase of 26.6 percent over the same period last year.