SEOUL, June 11 (Yonhap) — South Korea’s domestic demand is extending an improving trend as retail sales and consumer sentiment gained ground amid an economic recovery, the finance ministry said Friday.

In its monthly economic assessment report, the ministry presented a positive assessment of private consumption for the second straight month. Last month, the government said domestic demand is “gradually” improving.

“Exports and investment have continued to maintain solid recovery momentum, and domestic demand is extending an improving movement,” the Ministry of Economy and Finance said in the Green Book.

Domestic demand extends improving momentum: ministry

Asia’s fourth-largest economy is recovering from the pandemic as exports of chips and autos, key items, remained solid amid the global economic recovery.

Exports, which account for half of the country’s economy, jumped 40.9 percent on-year in the first 10 days of June on the back of robust shipments of chips and autos.

Outbound shipments jumped 45.6 percent on-year in May, the sharpest on-year gain in 32 years, to extend their gains to the seventh month.

The country’s industrial output declined the most in 11 months in April due to a higher base effect. But service output and retail sales extended their gains amid warm weather and relaxed social distancing rules.

The domestic use of credit cards grew 6.8 percent on-year in May, marking the fourth straight month of gains.

Sales at department stores rose 17.3 percent on-year last month, slowing from a 26.8 percent gain in April, according to the finance ministry.

The ministry said the global economy is recovering at a faster pace than earlier forecast due to the COVID-19 vaccine rollout and policy support, but concerns about inflation linger amid a hike in prices of raw materials.

South Korea is also facing growing inflationary pressure due to last year’s low base and an accelerating economic recovery.

The country’s consumer prices grew 2.6 percent on-year in May, the fastest rise in more than nine years, due to high prices of farm and oil products.

sooyeon@yna.co.kr
(END)

Related Articles

  • (2nd LD) S. Korea’s Q1 economic expansion faster than expected at 1.7 pct
  • (2nd LD) Job additions stretched to 3rd month in May
  • (LEAD) S. Korea’s exports jump 40.9 pct in first 10 days of June

Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

Hyundai Oilbank plans to go public next year

SEOUL, June 14 (Yonhap) — Hyundai Oilbank Co., a major South Korean oil refiner under Hyundai Heavy Industries Group, plans to list its shares on the country’s bourse next year, its parent company said Monday. The decision for Hyundai Oilbank’s initial public offering (IPO) was made during its board meeting,…

Read more: Hyundai Oilbank plans to go public next year

Samsung to supply 5G network solutions to Vodafone in Britain

This undated photo provided by Samsung Electronics Co. shows the company’s 5G-ready massive MIMO equipment installed in Chicago. (Yonhap) Samsung Electronics said Monday it will supply its latest 5G network solutions to Vodafone, a London-based telecommunications giant, a move that will expand its presence in Europe. Under the deal, the…

Read more: Samsung to supply 5G network solutions to Vodafone in Britain

(LEAD) Debt-laden SsangYong Motor's workers to take unpaid leave for two years

(ATTN: ADDS KDB chief’s remarks in paras 9-11) By Kim Eun-jung SEOUL, June 14 (Yonhap) — Half of SsangYong Motor Co.’s workers will go on unpaid leave for two years beginning next month as part of self-help measures as the debt-ridden automaker is striving to speed up its sales process,…

Read more: (LEAD) Debt-laden SsangYong Motor's workers to take unpaid leave for two years

DSME wins W1.1tr offshore facility order

(DSME) Daewoo Shipbuilding & Marine Engineering, one of South Korea’s major shipbuilders, said Monday that it has won a trillion won unit order to build an offshore crude oil storage facility. The latest order marked the first offshore facility order for DSME in three years as well as the first…

Read more: DSME wins W1.1tr offshore facility order

Hanwha Systems to develop underwater drone swarms for search and rescue missions

Hanwha Systems’ autonomous underwater drone can be operated for more than 12 hours in a group of four and provide 3D images to users. (Hanwha Systems) Hanwha Systems said Monday that it will develop autonomous underwater drone swarms for search and rescue missions by 2025. According to the defense business…

Read more: Hanwha Systems to develop underwater drone swarms for search and rescue missions

SK Inc.’s French bio arm sets to facility expansion

Yposkesi’s manufacturing site. (SK Inc.) SK Inc.’s French bio subsidiary Yposkesi is set to build a second commercial bioproduction site in an effort to expand its footprint in the global biopharmaceutical market, officials said Monday. The French company has announced the launch of project SKY, a plan to inject some…

Read more: SK Inc.’s French bio arm sets to facility expansion

Debt-laden SsangYong Motor's workers to take unpaid leave for two years

SsangYong Motor Co.’s labor union chief Jung Il-kwon (L) and court-appointed manager Chung Yong-won pose for a photo after signing an agreement on self-help measures for the financially troubled automaker at its Pyeongtaek factory, 70 kilometers south of Seoul, on Monday in this photo provided by SsangYong. (SsangYong Motor)Half of…

Read more: Debt-laden SsangYong Motor's workers to take unpaid leave for two years

Delivery worker in coma after collapsing from overwork: workers' group

SEOUL, June 14 (Yonhap) — A parcel delivery worker has suffered a cerebral hemorrhage caused by overwork and fallen into a coma, a couriers’ advocacy group said Monday. According to the group, the 47-year-old employee at Lotte Global Logistics Co.’s branch in Seongnam, just south of Seoul, was sent to…

Read more: Delivery worker in coma after collapsing from overwork: workers' group

Smaller firms demand 1-year more grace period for 52-hour workweek

Debt-laden SsangYong Motor's workers to take unpaid leave for two years

Over three-fourths of S. Korean exporters to China hit by pandemic: poll

(LEAD) Hyundai to temporarily halt U.S. plant on chip shortage, maintenance

Chips, displays continue to boost S. Korea's ICT exports in May

Hana Financial wins preliminary nod for asset manager in Singapore

SK's French bio subsidiary breaks ground for 2nd plant

Celltrion's COVID-19 antibody treatment shows efficacy in phase 3 trial

OTHER NEWS