7월 무역수지 16억3천만달러 흑자 두달 연속 흑자
South Korea's trade balance has recorded a surplus for the second month in a row.
This is largely led by falling import prices as exports fell for the 10th straight month despite a strong performance in the auto sector.
Our trade correspondent, Moon Hye-ryeon, has the details.
South Korea’s trade balance was in the black for the second straight month last month on the back of rising auto exports and falling raw material prices.
According to data released by the Ministry of Trade, Industry and Energy on Tuesday, the country’s trade balance was over 1-point-6 billion U.S. dollars in July – with exports coming to just over 50 billion dollars and imports at over 48 billion dollars.
This surplus was largely due to import prices, which fell by more than 25 percent compared to the same month the year before.
Prices for oil, gas and energy fell by over 46 percent on-year across all three sectors leading to the sharp decline in import prices.
However, outbound shipments from South Korea fell by over 16 percent on-year.
The ministry attributed the decline to the base effect, due to record high exports last July, and the continued slump in semiconductor exports.
Chip exports have been on a consecutive on-year decline for the past 12 months, with July’s outbound shipments of semiconductors falling by 34 percent compared to last year.
Falling oil prices have also led to the decline in the value of various petroleum products, which also contributed to the overall decrease in total export value.
Meanwhile, exports across the auto industry, mechanical and household electronic goods sectors rose.
Auto exports rose by 15 percent on-year on the back of rising popularity of eco-friendly vehicles around the world, and recorded the highest total value for the month of July.
This is the thirteenth month in a row that auto exports have seen an on-year rise.
Outbound shipments of materials to the United States for use in batteries for electric vehicles also rose significantly in line with the U.S. Inflation Reduction Act.
In addition to South Korea’s active response to the IRA and Chips and Science Act, its return to Japan’s trade whitelist as of last month is expected to have a positive impact on the country’s trade balance in the near future.
The government also highlighted its high-level cooperation with major Middle Eastern countries such as the United Arab Emirates and Saudi Arabia as part of its trade policies.
Moon Hye-ryeon, Arirang News.
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2023-08-01, 12:00 (KST)
