Korea’s economy maintains solid recovery on exports: finance ministry

Korea’s economy continues to show solid signs of recovery, supported by robust exports and improving domestic consumption, the finance ministry said Friday.

In its monthly economic report, the Ministry of Finance and Economy also noted that uncertainties surrounding the war in the Middle East and inflation woes persist.

“Recently, the Korean economy has been maintaining solid recovery amid a sharp rise in exports, sound investment and a mild recovery in domestic consumption,” the report said.

Korea’s exports soared 83.5 percent to a record $120.9 billion in September from a year earlier, driven by a surge in chip shipments.

Semiconductor exports exceeded $60 billion for the first time ever last month, boosting overall export figures.

During the second quarter, facility investment rose 6.3 percent on-year.

Private spending also increased 2.4 percent in the second quarter from a year earlier, the ministry said.

The ministry, however, said consumer prices and employments are still sticky points for the economy.

“Amid relatively increased uncertainty surrounding the Middle East war, higher oil prices and employment conditions are still burdensome for vulnerable groups,” the ministry said.

Consumer prices rose 2.9 percent on-year in September, slowing from the previous month’s 3.1 percent-gain, but still remained relatively higher.