Market updates on July 16
Welcome to Tuesday!
South Korea April export surge reaches near six-year peak
In April, South Korean exports headed north at a much faster-than-expected pace, ascending for a sixth straight month backed by sturdy demand for high-tech memory chips as well as adding confirmation to perceptions of broad revival in the world economy.
In April exports to America grew, though South Korea's trade surplus with that country edged down on an annual basis for the same period. That’s what Monday's data disclosed, easing worries that Washington might impose protectionist measures, which could affect South Korea's economy.
The previous week Donald Trump told that he was considering changing a free trade deal with South Korea or even scrapping it entirely.
As preliminary data revealed April's exports increased 24.2% compared to last year’s outcome, hitting $51.01 billion. Meanwhile, imports inched up 16.6%, being worth $37.75 billion to generate a $13.25 billion trade surplus, as the Ministry of Trade, Industry and Energy informed.
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