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Korea's exports in first half of 2014 hit record high Updated: 2014-07-02 06:28:13 KST

Korea's exports hit a new record high in terms of dollar value in the first half of this year, backed by the recovery in major economies.
That means Korea sold close to 2.3 billion dollars worth of goods overseas everyday, up four-and-a-half percent on-year.

Exports to advanced economies played a major role in the jump.
Shipments to the European Union rose by more than 11 percent, and those to the United States inched up about eight percent.
Shipments of mobile communication devices saw the steepest gains, followed by semiconductors and steel.

But some experts are not excited about the data, as it's not as rosy as it sounds.

" The 2.6 percent rise in exports is lower than expected. Emerging economies are catching up quickly with Korean technology, which still lags behind advanced nations. The strengthening of the won was also a factor in the lowering of the nation's total exports."

The strong Korean won, which is hurting Korean exporters' price competitiveness overseas, is a factor that kept the trade performance from meeting expectations.
The Korean won gained more than three percent against the dollar in the first six months of this year.
And it's a major culprit that's hurting the outlook for the Korean economy.

"We were expecting exports to increase about five to six percent this year, but with a 2.6-percent growth in exports in the first half of this year, the growth rate is not expected to pick up. The export growth for this year is not expected to reach five percent."

Connie Kim, Arirang News.


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