South Korea’s exports have climbed at a double-digit pace since November 2009 and hit a record in April even as the won appreciated. A slowdown in US growth and the fallout from Europe’s sovereign debt crisis risk weighing on shipments.
The stronger won may help ease inflation pressure, which the Bank of Korea has tried to contain by raising interest rates three times this year.
Total exports on a customs-cleared basis rose 22.4 percent last month from a year earlier, compared with a revised 23.7 percent gain in April, according to today’s statement. Imports climbed 30.3 percent after expanding a revised 24 percent in April.
Moreover, overseas shipments rose 17.6 percent this month, the smallest gain in four months, according to Bloomberg News.
Some analysts remain unsure if the recent surplus maybe able to cushion the Korean market from a looming debt crisis and Greece threatening not only European markets, but also markets internationally, especially as Korean investors remain heavily tied to FOREX markets.
(아주경제 앤드류 이 기자)
reporter
Park Sae-jin
swatchsjp@ajunews.com