April 23, 2024
Economy
Korea’s exports to post positive growth in 2017: KOTRA
[THE INVESTOR] South Korea’s exports will likely post positive growth for the first time in three years in 2017, the head of a local trade agency said on Jan. 25.
The nation’s exports dropped 5.9 percent on-year to US$495.5 billion in 2016, marking a second consecutive year of decline following a 7.9-percent plunge the previous year.
“External conditions will likely remain unfavorable for South Korea‘s exports this year due to Donald Trump’s America First policy and China’s China Inside policy. Also, with the issue over South Korea’s scheduled deployment of a US air defense system, but we can turn a crisis into an opportunity with appropriate and timely measures,” said Kim Jae-hong, head of the state-run Korea Trade-Investment Promotion Agency (KOTRA), while meeting with reporters.
Kim said outbound shipments were expected to grow, partly on a low basis effect, as well as an economic recovery in most advanced nations and newly emerging markets that include China and India. Adding shipments to China have remained on the rise since November 2016 while the U.S. economy was expected to expand by over 2 percent this year.
Kim also noted some 720 exporters and foreign importers of South Korean products predicted the country‘s overall exports to grow 3.4 percent on-year to $512.5 billion in 2017 in a recent survey conducted by KOTRA.
(theinvestor@heraldcop.com)
The nation’s exports dropped 5.9 percent on-year to US$495.5 billion in 2016, marking a second consecutive year of decline following a 7.9-percent plunge the previous year.
“External conditions will likely remain unfavorable for South Korea‘s exports this year due to Donald Trump’s America First policy and China’s China Inside policy. Also, with the issue over South Korea’s scheduled deployment of a US air defense system, but we can turn a crisis into an opportunity with appropriate and timely measures,” said Kim Jae-hong, head of the state-run Korea Trade-Investment Promotion Agency (KOTRA), while meeting with reporters.
Kim said outbound shipments were expected to grow, partly on a low basis effect, as well as an economic recovery in most advanced nations and newly emerging markets that include China and India. Adding shipments to China have remained on the rise since November 2016 while the U.S. economy was expected to expand by over 2 percent this year.
Kim also noted some 720 exporters and foreign importers of South Korean products predicted the country‘s overall exports to grow 3.4 percent on-year to $512.5 billion in 2017 in a recent survey conducted by KOTRA.
(theinvestor@heraldcop.com)
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