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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: RPT-UPDATE 1-S.Korea July exports down 20 pct, less than f'cast Reuters - Monday, August 3 By Cheon Jong-woo ADVERTISEMENT SEOUL, Aug 1 - South Korean exports in July fell less than market expectations, data showed on Saturday, adding to hopes for a sustained recovery in Asia's fourth-largest economy and providing further support to the won currency <KRW=>. Despite the data, the central bank is still expected to leave interest rates at a record low for the rest of this year on uncertainty surrounding the global economy, although expectations for tightening may keep growing, analysts said. "Economic recovery is much faster than expected with exports seen continuing to get better in the second half. That may prompt investors to expect a policy change," said Kim Jae-eun, an economist at Hyundai Securities. "But developed countries remain sluggish although they shown some signs of improvement. The authorities will not take any actions before confirming a clear recovery as we are not free from any fresh problems." Exports in July slid 20.1 percent from a year ago, the Ministry of Knowledge Economy said, slightly better than a forecast of a 20.6 percent drop and after a revised 12.4 percent fall in June. The value of exports per working day -- a measure analysts and government officials use to asses the monthly change in exports -- slightly fell to $1.31 billion in July from $1.39 billion in June. But the figure does not indicate a slowdown in exports as the fall in July was mainly due to seasonal factors and more working days, analysts said. As the first major Asian economy to report trade figures each month, South Korea provides the first clues on the state of global trade, which slumped after the collapse of Lehman Brothers sent world markets into a tail spin. Sales to China, the country's biggest foreign market, fell an estimated 15.7 percent during the first 20 days of July from a year ago, compared with a 15.9 percent slide in all of June. A majority of exports to China are re-exported. Exports to the United States lost 26.5 percent during the first 20 days of July over a year earlier, larger than a 22.4 percent fall in June. The figures came after data on Friday showing the deepest U.S. recession since the Great Depression presented signs of easing in the second quarter. [ID:nN31416560] South Korea's imports in July dropped 35.8 percent from a year ago, worse than a 33.1 percent fall forecast in a Reuters poll. But imports of capital goods fell 13.1 percent during the first 20 days of the month over a year earlier period, less than a half of a 26.3 percent drop in the first half of the year, indicating positive signs of a recovery, the Ministry of Knowledge Economy said. South Korea posted a trade surplus of $5.14 billion in July, a sixth consecutive month of a monthly surplus but smaller than a $7.27 billion surplus in June. The Bank of Korea maintained its policy rate at 2.0 percent for a fifth consecutive month in early July. It next reviews rates on August 11. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Deals of the day -- mergers and acquisitionsReuters - Monday, August 3 TABLE-S.Korea's GM Daewoo July sales down 43 pctReuters - Monday, August 3 Indian bond yields steady; supplies weighReuters - Monday, August 3 Yuan volatilities at 2-mth low on stable yuan policyReuters - Monday, August 3 TCS, Wipro in race for $522 mln rail deal -reportReuters - Monday, August 3 Most Popular – Business Viewed Organic food not healthier, says British study Comets probably won't cause the end of life as we know it: study Beer flows as Obama tries to cool down a hot furor Madonna writes of her spiritual awakening Swine flu: rich nations' spending spurs ethics row View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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