South Korea's trade surplus posted a record high of 7.2 billion U.S. dollars in July despite the local currency's appreciation against the greenback and economic slowdown in advanced nations, a government report showed Monday.

Trade surplus reached 7.2 billion dollars in July, sharply up from 2.8 billion dollars the previous month, according to the Ministry of Knowledge Economy. The July figure was the largest monthly trade surplus, and marked the 18th straight month of surplus since February 2010.

The record surplus was mainly attributable to solid demand from emerging nations despite the South Korean won's appreciation and slowing economic growth in advanced countries, according to the ministry.

Exports grew 27.3 percent on-year to reach a fresh record high of 51.4 billion dollars in July, and imports expanded 24.8 percent to 44.2 billion dollars last month.

The export-driven economy showed robust exports in July due to strong demand for the local-made products from emerging economies.

Exports to developing countries rose 34.5 percent in July from a year earlier, with outbound shipments to the Association of Southeast Asian Nations (ASEAN), Japan and China jumping 47.7 percent, 37.7 percent and 19.4 percent respectively.

Shipments to advanced nations inched up 4 percent on-year last month, with exports to the U.S. edging up 1.9 percent in July. Exports to the European Union (EU) contracted 8.7 percent in July from the previous year despite the implementation of the Korea-EU free trade agreement starting last month.

By item, strong demand for steel, petrochemical and oil products led the export growth. Shipments of steel and oil products soared 72.5 percent and 89.2 percent on-year last month each, with exports of petrochemical products, ships and automobiles growing 41.3 percent, 42.6 percent and 23.9 percent respectively.

However, information technology (IT)-related products showed poor performance due to falling prices and weaker demand. Semiconductor exports decreased 14.9 percent on-year in July, with shipments of flat screens contracting 20.3 percent last month.

The country's imports also expanded in July due to higher commodity prices and stronger demand for imported cars and pork, the ministry said.

Imports of crude oil soared 67.6 percent in July from a year earlier, with inbound shipments of natural gas and coal jumping 45. 5 percent and 20.6 percent respectively. Imports of cars and pork skyrocketed 129.8 percent and 396.4 percent on-year last month each.

"The July export bounce indicates outperformance of Korea's exports over their northeast neighbors. Export growth may reduce worries of the soft patch in the global demand, but weak imports and record trade surplus are signs of softening in domestic demand, " Prakash Sakpal, a Singapore-based economist at ING, said in a daily report right after the release.