Finance ministry says recovery strengthens as exports jump 62.8 percent

The finance ministry said exports rose 62.8 percent in July from a year earlier, led by stronger shipments of semiconductors, computers and ships.

June production rose across industrial, services and construction activity, lifting all-industry output 2.3 percent from May. Retail sales rose 2.7 percent from May, helped by a 12.6 percent increase in sales of durable goods, including passenger vehicles.

Equipment investment increased 5.8 percent from May, while consumer sentiment and businesses' assessments of current conditions and the outlook improved.

Labour conditions were uneven. Manufacturing, construction and youth employment declined as service-sector employment continued to rise. The employment rate for people aged 15 and older was 63.3 percent, down 0.1 percentage point from a year earlier, while the unemployment rate was 2.6 percent, up 0.2 point.

Consumer prices rose 2.8 percent in July from a year earlier, slowing from 3.2 percent in June. Petroleum prices fell month on month after the government's cut in the maximum price and lower international oil prices.

The ministry flagged persistent uncertainty from the Middle East war and U.S. tariff measures, as well as price pressure from high oil prices and difficult employment conditions for vulnerable groups. Its planned response includes supply management for key goods and price stabilisation, along with a second-half growth strategy addressing the period after the war, potential growth and structural polarisation.