S Korea-economy

▲ Finance Minister Choo Kyung-ho speaks during the Cabinet meeting held in Seoul on July 3, 2023, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)

S Korea-economy

S. Korea shows signs of recovery in major economic indicators: Choo

By Kang Yoon-seung

SEOUL, July 3 (Yonhap) -- South Korea will make efforts to promptly achieve a rebound in its economy as the country is showing signs of recovery in key indicators, including industrial output and exports, the finance minister said Monday.

The remark came after the government's data showed Asia's No. 4 economy's industrial output rose 1.3 percent in May from a month earlier, with retail sales and facility investment gaining ground as well.

South Korea reported a trade surplus in June for the first time in 16 months, although its outbound shipments fell for the ninth consecutive month due mainly to weak demand for semiconductors.

"While downward risks on the South Korean economy have been easing recently, there are still uncertainties, including the possible delay in the recovery of the Chinese economy and the chip industry," Finance Minister Choo Kyung-ho said during a Cabinet meeting.

Exports of semiconductors, the country's key export item, sank 28 percent on falling demand and a drop in chip prices.

Choo also noted that the country needs to stay vigilant on external uncertainties, including those from the global financial market.

"The government will stay alert and spare no efforts to have the recent positive trend in the economy promptly lead to a rebound in the South Korean economy and the stability in the people's livelihood," Choo added.

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