August 1, 2010 – SEOUL, Aug 1 (Reuters) - South Korean exports in July rose more than expected over a year ago, easing concerns that demand from China and the other major economies may be cooling off quickly.
Overseas sales by Asia's fourth-largest economy rose 29.6 percent in July from a year earlier while imports grew 28.9 percent, data from the Ministry of Knowledge Economy showed on Sunday.
Median forecasts from a Reuters survey of analysts were for exports to grow 26.9 percent and imports to rise 32.0 percent after growing by a revised 30.1 percent and 38.2 percent in June, respectively. [ID:nTOE66P06H]
South Korean foreign trade figures are closely watched by investors as the country is the first major exporting economy Asia to report monthly foreign trade figures. The ministry is due to release more details soon.
South Korea's monthly export and import growth (percentage change over a year earlier, balance in billion dollars):
July *June Export growth +29.6 +30.1 Import growth +28.9 +38.2 Trade balance value +5.67 +6.43 * revised NOTE: China and the United States in aggregate take more than one-third of South Korea's total exports. (Reporting by Cheon Jong-woo and Seo Ji-won; Editing by Yoo Choonsik)
