South Korea Flags 53.2% Export Surge as 3.1% Inflation and Job Losses Cloud Recovery
Updated
Updated · asiae.co.kr · Jun 12
South Korea Flags 53.2% Export Surge as 3.1% Inflation and Job Losses Cloud Recovery
2 articles · Updated · asiae.co.kr · Jun 12
Summary
Seoul’s June Green Book said the economy is still recovering on semiconductor-led exports and firmer sentiment, but warned Middle East turmoil is lifting inflation and slowing employment.
53.2% export growth in May and a 60.7% jump in daily exports to $4.28 billion were driven by computers, semiconductors, petroleum products and ships.
3.1% consumer inflation in May, up from 2.6% in April, was fueled by energy costs as petroleum product prices rose 24.2%; domestic gasoline climbed to 2,011 won a liter.
40,000 fewer people were employed than a year earlier in May after a 74,000 gain in April, while industrial output fell 0.6% and both investment and retail sales dropped 3.6%.
The government said it will keep an emergency response system and quickly deploy supplementary budget support for high oil prices while managing key supplies and consumer prices.