By Lee Yoonseo and Kim Young Shin

Korea’s exports in July jumped 6.2 percent compared to July 2017, topping out at USD 51.8 billion.

According to the Ministry of Trade, Industry and Energy’s monthly report on exports and imports for July 2018, published on Aug. 1, this is the second-highest value for exports since 1956, when the ministry started to keep records of trade statistics.

This is also a first for Korea to have its exports surpass the USD 50 billion mark for five consecutive months.

Economists see the recent growth in exports as a result of the growth of Korea’s major export items, such as semiconductors, general machinery and petrochemicals. The global manufacturing purchasing manager index (PMI) reached 53.0 in June. A PMI higher than 50 represents an expansion, and below, a contraction.

On the other hand, because of increased protective measures and increased overseas production of Korean companies, exports of automobiles, home appliances and ships saw a decline.

“Korean exports scored fine, despite unfavorable trade conditions, such as rising trade tensions between the U.S. and mainland China,” said Minister of Trade, Industry and Energy Paik Ungyu.

The ministry plans to monitor the direction of the real economy and to strengthen multilateral cooperation to fight protectionism.

clo1120@korea.kr