August exports: Foreign media: ‘Slowing growth’, Ahn Deok-gyun: ‘largest ever’, Korean media: ‘increasing’, Yoon Seok-yeol 'May export boom'

August exports: Foreign media: ‘Slowing growth’, Ahn Deok-gyun: ‘largest ever’, Korean media: ‘increasing’, Yoon Seok-yeol 'May export boom'

While foreign media reported Korea’s August trade statistics as a ‘slowing growth in exports,’ Minister of Trade, Industry and Energy Ahn Deok-gyun said it was a ‘highest performance ever,’ President Yoon Seok-yeol calls it an 'economic boom' based on 'May foreign press boom' and Korean media reported it as a ‘growing trend in exports.’
Reuters reported on the 1st that “overseas sales increased 11.4% year-on-year to $57.9 billion, but this was a slowdown from the previous month’s 13.9% increase, the fastest in six months,” and “even lower than the 13.0% growth rate reported in a survey of economists,” reporting on the 1st that it was a ‘slowing growth in exports’ with a margin of error of 1.6%. Minister of Trade, Industry and Energy Ahn Deok-geun said on this day, "According to the World Trade Organization (WTO) statistics, Korea recorded the highest export growth rate of 9.1% among the top 10 global exporters in the first half of this year, and in August, it also recorded the highest performance in August ever, moving toward achieving the highest export performance ever." The Chosun Ilbo reported in the headline, "August exports 'highest ever'... Will semiconductors, which have taken flight, break through 173 trillion won?" that "Exports in August 2022 exceeded 56.6 billion dollars for the first time in two years. Exports have increased for 11 consecutive months since October of last year, and the trade surplus has continued for 15 consecutive months since June of last year." "Semiconductors, the top export item, surged 38.8% year-on-year, leading overall exports, while exports of 7 out of 15 major items, including IT items such as wireless communication devices and computers, as well as ships, petroleum products, and petrochemicals, increased. “If semiconductor exports continue at the current pace, they will likely surpass $130 billion for the first time ever, breaking the record for the highest export volume ever,” it reported on the 1st.
President Yoon Seok-yeol said in a live state briefing on the 29th of last month, “Our economy is definitely coming back to life,” and “The world is now paying attention to our competitiveness and growth trends. Last May, economic media outlet Bloomberg called our export growth ‘blockbuster-level,’ saying it was surprising that the Korean economic boom was not widely known.”
Reuters reported on the 1st about the trade statistics released by the Ministry of Trade, Industry and Energy, “Korea’s exports increased for the 11th consecutive month in August, but the pace of increase slowed compared to the previous month and market expectations were lowered as demand for computer chips slowed amid slowing demand for computer chips and sluggish automobile sales.” Reuters reported in an article titled <South Korea's Exports Continue to Increase for 11th Month, but Growth is Slowing> that day, "However, Trade Minister Ahn Deok-geun said, 'This year's exports are heading toward an all-time high,' and 'There is a growth trend in major export markets. '"
Reuters specifically said, "Imports increased 10.5% in July, the steepest since September 2022, and then increased 6.0% in August to $54.07 billion, slightly lower than the 6.3% increase economists had expected," viewing the decline in import growth as a possibility of an economic slowdown.
On the 1st, KBS reported in an article titled <Best Performance Led by Semiconductors... Exports Increase for 11th Month> that "Our exports continued to be 'plus' for 11 consecutive months," and "Exports to the US and China, the two largest export markets for Korea, also recorded an increase of around 10% thanks to the IT boom. However, whether or not the US interest rate will fluctuate will be a major variable in exports in the second half of the year. It was reported that “It is visible.”

The Hankyoreh reported on that day under the title <Exports in August led by semiconductors… 11.4% increase year-on-year> that “Last August’s exports (USD 51.87 billion) decreased by 8.4% compared to the same month the previous year, and as the export market was worsening, the increase in exports this August also has a base effect.”

Reporting on the results of a survey of experts on the Korean economy on the 29th of last month, Reuters stated that “Exports in August are expected to have increased by 13.0% compared to a year ago, and this is based on the median estimate of 16 economists in a survey conducted from August 23 to 28.” “The economists said that the 13.0% increase, slightly lower than the previous month’s annual increase of 13.9%, which was the highest since January, suggests that demand for Korean products is still strong.”
Regarding the import forecast, Reuters stated that “The survey expected imports in August to increase by 6.3% compared to the same period the previous year, This was a slowdown from the previous month's 10.5% increase, the fastest growth rate since September 2022," it said, but actual imports only rose 6.0%, indicating an economic contraction.