关税前抢跑效应显现，韩国贸易获短期提振：7月出口超预期增长5.9%

Group 1 - South Korea's exports increased by 5.9% in July compared to the same period last year, driven by strong semiconductor exports and stable automobile sales [1] - The increase in exports was higher than the market expectation of 5.1%, with a trade surplus of $6.6 billion due to a slight rise of 0.7% in imports [1] - The data reflects exporters' efforts to ship goods before the U.S. imposed higher tariffs on August 1, with a new 15% tariff rate replacing the previously threatened 25% [4] Group 2 - The trade agreement with the U.S. alleviated some uncertainties for the South Korean economy, which had contracted in the first quarter but showed growth in the second quarter [5] - The South Korean government approved a supplementary budget of 31.8 trillion won (approximately $23 billion) to support its trade-dependent economy [5] - Semiconductor exports were boosted by demand for high-performance chips used in artificial intelligence applications, while automobile exports grew by 8.8% due to strong demand outside the U.S. [5] Group 3 - Exports to China decreased by 3% in July due to reduced shipments of key products like petrochemicals and wireless communication devices [6] - Exports to the U.S. increased by 1.4%, driven by strong performance in semiconductors, wireless devices, cosmetics, and electrical equipment [6] - Concerns remain for the semiconductor industry, as recent growth is linked to increased demand for HBM chips, and future global trade may slow down [6]