Exports increased 19.5% y-o-y (HSBC: 18.0, BBG: 15.9) in July, following a 13.6%increase in June, but the improvement was mainly due to a 208.2% y-o-y temporarysurge in vessel deliveries. Taking out the volatility, exports rose 9.9% y-o-y in July,slowing from an average 14.9% gain in 1H17. Shipment of semiconductorsremained firm through July, but other industries showed limited signs of strength.    All in all, we believe that export growth likely peaked in 1H17, and the recoverycontinues to be unevenly focused in electronics.

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