{"id":2206000,"date":"2024-08-02T08:00:38","date_gmt":"2024-08-01T23:00:38","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206000"},"modified":"2024-08-01T13:31:20","modified_gmt":"2024-08-01T04:31:20","slug":"south-koreas-export-boom-continues-but-domestic-woes-persist","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/08\/south-koreas-export-boom-continues-but-domestic-woes-persist\/","title":{"rendered":"South Korea\u2019s export boom continues but domestic woes persist"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s exports surged <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/169370\/view?mno=&amp;pageIndex=1&amp;rowPageC=0&amp;displayAuthor=&amp;searchCategory=0&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=\"><span style=\"font-weight: 400;\">13.9% year-on-year<\/span><\/a><span style=\"font-weight: 400;\"> to $57.4 billion in July, marking the 10th consecutive month of growth, driven by a strong performance in the semiconductor sector, according to the trade ministry. The country also recorded a trade surplus for the 14th consecutive month, with the cumulative trade surplus for January-July reaching $26.7 billion, the highest level since 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Exports increased to key trading partners, including China (14.9%), the U.S. (9.3%) and Southeast Asian countries (12.1%). The South Korean government aims to achieve a $700 billion export target this year, following a 7.4% decline in 2023.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s surging exports mask negative economic indicators. The country\u2019s weak domestic consumption caused the economy to <\/span><a href=\"https:\/\/www.bok.or.kr\/portal\/bbs\/B0000501\/view.do?nttId=10086067&amp;searchCnd=1&amp;searchKwd=&amp;depth2=200038&amp;depth3=201263&amp;depth=201263&amp;pageUnit=10&amp;pageIndex=1&amp;programType=newsData&amp;menuNo=201264&amp;oldMenuNo=201263\"><span style=\"font-weight: 400;\">shrink unexpectedly by 0.2%<\/span><\/a><span style=\"font-weight: 400;\"> in the second quarter \u2014 the sharpest contraction since 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bank of Japan\u2019s <\/span><a href=\"https:\/\/www.boj.or.jp\/en\/mopo\/mpmdeci\/mpr_2024\/k240731b.pdf\"><span style=\"font-weight: 400;\">unexpected rate hike<\/span><\/a><span style=\"font-weight: 400;\"> to 0.25% on Wednesday and the Federal Reserve\u2019s <\/span><a href=\"https:\/\/apnews.com\/article\/inflation-economy-federal-reserve-interest-rates-04d2877f47f3913acc2f992d8ef1581b\"><span style=\"font-weight: 400;\">anticipated rate cut<\/span><\/a><span style=\"font-weight: 400;\"> in September will likely shift trade balances and impact South Korean exports. The won faces depreciation pressure against the yen and the dollar, potentially exacerbating import costs and inflationary pressures. China\u2019s <\/span><a href=\"https:\/\/www.stats.gov.cn\/english\/PressRelease\/202407\/t20240715_1955620.html\"><span style=\"font-weight: 400;\">slower-than-expected 4.7% GDP growth<\/span><\/a><span style=\"font-weight: 400;\"> in the second quarter will further strain South Korean exporters in the long term.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the U.S. is <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-31\/us-weighs-new-restrictions-on-china-s-access-to-ai-memory-chips\"><span style=\"font-weight: 400;\">reportedly considering<\/span><\/a><span style=\"font-weight: 400;\"> measures to prevent South Korean tech giants such as Samsung Electronics and SK Hynix from supplying <\/span><a href=\"https:\/\/koreapro.org\/2024\/05\/why-samsungs-surprise-semiconductor-shakeup-is-a-high-stakes-gamble\/\"><span style=\"font-weight: 400;\">high-bandwidth memory (HBM) chips<\/span><\/a><span style=\"font-weight: 400;\"> to Chinese firms. Such restrictions will likely significantly impact South Korea\u2019s semiconductor exports, which have been a key driver of the country\u2019s 10-month export growth.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s exports surged 13.9% year-on-year to $57.4 billion in July, marking the 10th consecutive month of growth, driven by a strong performance in the semiconductor sector, according to the trade ministry. The country also recorded a trade surplus for the 14th consecutive month, with the cumulative trade surplus for January-July reaching $26.7 billion, the [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2206000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s export boom continues but domestic woes persist - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/08\/south-koreas-export-boom-continues-but-domestic-woes-persist\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s export boom continues but domestic woes persist - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s exports surged 13.9% year-on-year to $57.4 billion in July, marking the 10th consecutive month of growth, driven by a strong performance in the semiconductor sector, according to the trade ministry. 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