


In July, ICT exports reached $53.36 billion (approximately 73.8 trillion won), a 140.6% increase compared to the same month last year. The simultaneous rise in semiconductor and storage device exports highlights the ongoing semiconductor boom.
Following the breakdown of trade negotiations between the U.S. and Canada, a dispute over a 50% tariff on $20 billion (approximately 27.68 trillion won) has expanded to the automotive and steel sectors. Both countries are at odds over last-minute negotiation conditions and additional concessions.
The U.S. government has gradually reopened beef import corridors from Mexico starting August 24, with the average price of ground beef rising to $6.89 per pound in July.
The government "returned to the private sector" the equivalent of 3 points of GDP, as stated by the President. However, some sectors received more while others lost.
The Iranian rial has dropped to around 2.02 million rials per dollar in the unofficial market. The anticipated additional U.S. sanctions against Iran and the control issues in the Strait of Hormuz are simultaneously increasing pressure on the Iranian economy.