S Korea shows signs of recovery in major economic indicators

SEOUL, South Korea - South Korea will make efforts to promptly achieve a rebound in its economy as the country is showing signs of recovery in key indicators, including industrial output and exports, the finance minister said Monday.

The remark came after the government's data showed Asia's No. 4 economy's industrial output rose 1.3 per cent in May from a month earlier, with retail sales and facility investment gaining ground as well, reported Yonhap news agency.

South Korea reported a trade surplus in June for the first time in 16 months, although its outbound shipments fell for the ninth consecutive month due mainly to weak demand for semiconductors.

"While downward risks on the South Korean economy have been easing recently, there are still uncertainties, including the possible delay in the recovery of the Chinese economy and the chip industry," Finance Minister Choo Kyung Ho said during a Cabinet meeting.

The country's key export of semiconductors, sank 28 per cent on falling demand and a drop in chip prices.

Choo also noted that the country needs to stay vigilant on external uncertainties, including those from the global financial market.

"The government will stay alert and spare no efforts to have the recent positive trend in the economy promptly lead to a rebound in the South Korean economy and the stability in the people's livelihood," Choo added. - BERNAMA-YONHAP