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South Korean economy shows recovery signs despite volatility

Despite experiencing monthly fluctuations, South Korea’s economy is on a trajectory towards recovery, Finance Minister Choo Kyung-ho stated on Monday. While industrial production took a hit in July, the decline was attributed to temporary factors such as weather. The country reported a trade surplus for the third consecutive month, even as exports decreased for the 11th month in a row due to weakened demand for semiconductors and petroleum. However, Choo highlighted that the fall in August exports was less than the previous month, driven by a resurgence in the chip sector, which had exports of USD8.6bn. While optimistic about the Q4 growth in exports, Choo advised caution, especially regarding uncertainties from China, and pledged government support to enhance export growth and stimulate domestic demand.

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