According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy (MOTIE), the country's trade balance indicated a $2.7 billion surplus in July of this year, remaining in the black for the 18th consecutive month. Exports rebounded from the previous month thanks to robust sales of IT products and ships. Strong demand from China and the United States were also contributing factors.
South Korea's export value rose by 2.6 percent year on year to $45.8 billion in July, while its overall import value increased 2.7 percent from a year earlier to $43.1 billion. The country's basic steel export value fell 19.4 percent year on year to $2.56 billion in July of the current year. Exports of general machinery also saw a strong fall with a year-on-year decline of 11.7 percent in July to $3.8 billion. Meanwhile, South Korea's export value for automobiles in the period in question fell by 3.3 percent year on year to $3.4 billion. On the other hand, South Korea's ships exports in July amounted to $2.55 billion, rising by 19.3 percent year on year.
According to the ministry's report, in July, among advanced economies, South Korea's exports to the United States increased, while outbound shipments to Japan shrank. Exports to emerging nations including China and the Latin America showed upward trends.