South Korea's economy has seen steady growth for 9 straight months on the back of a rebound in exports.
According to the Ministry of Economy and Finance's monthly economic "Green Book" report on Friday,… South Korea's outbound shipments jumped 6.2-percent in July from a year earlier.
Exports have been steeply increasing since November 2016,… led by a spike in global demand for steel and semiconductors.
But while the economy is maintaining its export-led recovery,… consumer sentiment deteriorates, and capital spending and the job market face sluggish growth.
Facility investments dipped 5.9-percent on-month in June,… and the number of newly added jobs stayed slightly above 100-thousand per month over the past five months,… keeping the employment rate at just 67-percent, unchanged from the same period in 2017.
And according to an expert,… South Korea will be even more dependent on exports unless domestic consumption and employment growth picks up.
"The Korean economy in July seem to be more or less holding steady. Exports are continuing to do very well but the domestic economy is not really picking up. Consumption was a little better and so was employment. But growth in consumption was not as high we were hoping, and investment is not doing well at all. So the Korean economy is becoming more dependent on goods exports."
The latest economic forecast also highlighted increasing uncertainties stemming from the growing trade spat between the U.S. and China
And experts worry that,… as those countries are Korea's two largest trading partners,… the trade spat could hit Korean exports.
Won Jung-hwan, Arirang News.