Data shows S. Korea's export momentum softening in June

South Korea's early trade data showed that growth in exports moderated so far in June, cooling a rally that has boosted optimism over the outlook for economic growth.

- 

The value of shipments increased 8.5 per cent from 2023 in the first 20 days of June, according to data released on June 21 by the customs office. That compares with an 11.5 per cent rise for May.

Imports edged down by 0.6 per cent, resulting in a trade surplus of US$1.5 billion (S$2 billion) so far in June.

Continued strength in exports is key to South Korea's economy, which expanded in the first quarter far faster than expected.

The government expects the trade rally to help economic growth narrowly avoid a contraction this quarter versus the previous period, keeping the economy on track for a mid-2 per cent level expansion in 2024.