In July, exports increased 2.6 percent year-on-year to 45.8 billion USD. Shipments to China rose 14.5 percent on-year while exports to the United States and EU grew 8.5 percent and 8.2 percent on-year, respectively. In contrast, shipments to Japan shrank 14.8 percent as a result of the yen's depreciation.
By product, exports of mobile communication devices and semiconductors increased 27.3 percent and 21.8 percent, respectively. Shipments of steel products, on the other hand, contracted 19.4 percent.
Year-on-year, imports grew in July for the first time in six months to 43.1 billion USD, up by 2.7 percent, mainly due to higher oil imports.