South Korea Upgrades Recovery View as July Exports Jump 62.8% Despite Jobs, Inflation Strains
Updated
Updated · asiae.co.kr · Aug 14
South Korea Upgrades Recovery View as July Exports Jump 62.8% Despite Jobs, Inflation Strains
3 articles · Updated · asiae.co.kr · Aug 14
Summary
South Korea’s finance ministry said the recovery is now “reinforced,” its third straight monthly upgrade, citing stronger exports and firmer domestic demand in the August Green Book.
July exports surged 62.8% year on year, led by semiconductors, computers and ships, while June output rose 2.3%, retail sales 2.7% and facility investment 5.8%.
Consumer prices rose 2.8% in July, easing from 3.2% in June as petroleum and food inflation cooled, but core inflation still edged up to 2.6% on services pressure.
Employment increased by 108,000 from a year earlier, yet manufacturing lost 68,000 jobs, construction 57,000 and youth employment fell by 191,000; the jobless rate rose to 2.6%.
The government said it will manage key-item supplies and stabilize prices and livelihoods as Middle East tensions and possible U.S. tariffs on steel, autos and semiconductors cloud the outlook.