S Korean exports retain single-digit growth in July; inflation at 24-yr high – Reuters poll
SEOUL : South Korean export growth rate likely rebounded in July, but remained in the single-digit level, a Reuters poll showed on Thursday, while consumer inflation is seen accelerating to a fresh 24-year high.
Outbound shipments in July were projected to grow 9.4 per cent from year-ago levels, according to the median forecast of 11 economists, climbing from 5.2 per cent expansion in June.Exports in June grew at their slowest pace in over 1-1/2 years as soaring inflation saps offshore demand for Korean goods.
The export growth rate in July is expected to rebound from a 19-month low hit in the previous month, also dragged down by temporary factors such as truckers’ strike and calendar effects.
Still, economists saw the growth momentum to be on a slowing trend amid weakening overseas demand with soaring inflation and monetary tightening, while China’s COVID-related restrictions continued to add pressure.
“Export growth is seen…