Korea's trade surplus exceeded $7.2 billion in July for a new monthly growth record, the Ministry of Knowledge Economy reported on August 1.
Korea’s monthly export volume was more than $51.4 billion in July, a 27 percent higher growth rate than the same period last year, despite an economic slowdown affecting its major trade partners like EU and the United States.
Korea’s imports also rose nearly 25 percent, or $44.2 billion, at the same time.
Thanks to robust trade, Korea’s trade surplus was more than $7.2 billion, breaking the previous record of $6.7 billion in June last year.
Korea’s trade had been in the black since February last year.
The record-high trade surplus was led by Korea’s main export items, including steel goods, petrochemical goods, ships, automobiles and automobile parts and materials.
Korea’s trade with ASEAN and other developing countries accounted for the largest part of nearly 35 percent of the total trade volume.
By Yoon Sojung
Korea.net Staff Writer
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