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 Korea's exports predicted to be solid from August
Manager 님의 글입니다. 2007-08-11 18:19:29, Hit : 2,692, Vote : 798

  Date: August 09, 2007  

Korea's export growth is expected to be solid in the coming months, thanks to rising semiconductor prices, a government report showed Thursday (Aug. 9).

Overseas shipments, which account for 40 percent of the economy, grew 20 percent on-year to $30.9 billion in July, after setting a monthly record of $32.2 billion in June.

"We believe exports will continue to be resilient from August," the Ministry of Finance and Economy said in its monthly economic assessment report.

"Our forecast is based on the fact that semiconductor prices and the OECD composite leading indicator have improved," it said.

Shares of Korea's major semiconductor producers shot up last month on forecasts that prices of dynamic random access memory chips, which rebounded in May, would continue to rise.

The Organization for Economic Cooperation and Development (OECD) composite leading indicator, a barometer for future global economic activity, has also increased since February, sending a positive signal to local exporters.

The report said the country's domestic consumption posted mixed results in July.

Last month, the country's credit card spending grew 18.4 percent year-on-year in July, while sales at major department stores fell 2.2 percent.

The Bank of Korea, the country's central bank, raised its key rate by 0.25 percentage point to 5 percent earlier Thursday in a bid to curb inflation.

The government expects the economy to expand 4.6 percent this year, down from a 5 percent advance last year.


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