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Korea's exports expected to fall 4-6% this year

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저작자 미상 (저작물 2267374 건)

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공표년도

창작년도

2015-09-22

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Korea is expecting its worst report card for exports since the 2008 global financial crisis.
Local research institutes are predicting Korea's exports will tumble between four and six percent this year‚ compared to a year ago.
If their predictions come true‚ it would mark Korea's worst performance since the aftermath of the global financial crisis‚ when exports tumbled 14 percent from the year before.
Korea exports have already been on a downward trend this year‚ and the figures are expected to slide even more down the road.
In August‚ outbound shipments fell nearly 15 percent from the year before‚ the biggest rate of decline in six years.
Things aren't expected to get any better in September‚ as the export figure from the first 20 days of the month is already down more than six percent from the previous year.
The weak performance is attributed to slow growth in the overall global economy‚ especially the slowdown in China -- Korea's main trading partner.
Barclays predicts Beijing will grow only 6 percent next year‚ down from 6.6 percent this year‚ while others are also revising down their outlooks to the five-percent range.
"Korea's exports to China haven't been doing so well‚ as there's less demand for imported goods. Things aren't going to get better in the second half because there won't be a big enough turnaround in the global economy to boost exports."
Analysts say Korean exporters are still feeling the blow from China's currency devaluation last month and the nation's petrochemical industries are still suffering from the effect of low global oil prices.
They say although there is no immediate remedy for the problem‚ the government needs to do more to minimize the effects for exporters.
Kim Min-ji‚ Arirang News. Reporter : kimmj@arirang.com

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