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South Korea's exports grew 38.4 percent in the year through July, beating market expectations, government data showed on Sunday, despite concerns its exports could be hit hard by a slowing Chinese economy.
But slower imports, that fell far short of expectations, reflected a continued slump in domestic demand amid growing doubts about the sustainability of growth in Asia's third-largest economy.
Exports in July totalled a provisional $21.35 billion, beating a median forecast of $20.6 billion in a Reuters poll, while imports rose 23.3 percent to $18.38 billion against a 27.2 percent rise forecast, commerce ministry data showed.
"The stronger-than-expected exports show the country's exports are faring much better despite an anticipated slowdown, but the problem continues to be with imports because the figures show domestic demand is very depressed," said Oh Suk-tae, an economist at Citibank.
Firmer international oil prices and a slowing economy in giant neighbour China are the main obstacles for South Korea's exports, which helped pull its economy out of a brief recession in the middle of last year.
Slowing growth in China's economy, the second-largest in Asia, also remains a big concern for South Korea because the giant neighbour absorbs about a fifth of total exports.

Copyright Reuters, 2004

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