South Korea's July exports to rise 59percent

Projections suggest that South Korea's exports in July will increase by 59% compared to the same month last year, primarily driven by rising demand for AI chips and increased shipments of semiconductors. However, the growth rate has slowed compared to June, which saw the largest jump since 1978 at 70.7%. Data shows that the country's exports during the first 20 days of July grew by 52.3%, largely due to higher prices for semiconductors and expectations of continued strength in the technology sector. The trade surplus is forecasted to reach approximately $29.59 billion, with imports rising by 26.6%. Official trade figures are expected to be released on August 1st. Meanwhile, the Korean stock market experienced sharp declines amid a wave of selling driven by concerns related to the chip sector.

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