Now prospects for Korea's exports look bright.
Morgan Stanley says Korea's economy is more FLEXIBLE than it had expected projecting that the country's exports would continue to recover.
The New York-based company says Korea's outbound shipments declined by a smaller margin compared to other Asian countries and that it is also expected to be one of the first countries to see a rebound.
It also projected that Korea would benefit from the recovery of the Chinese economy which is its second largest trading partner.
Meanwhile the Korea Trade-Investment Promotion Agency says it is optimistic Korea's exports will become the world's eighth largest if global market shares of Korean products surpass three percent this year.
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