April 23, 2024
Economy
BOK chief urges steps to tackle worsening trade environment
[THE INVESTOR] The chief of South Korea’s central bank said on Feb. 8 that the government should cooperate with private companies to address challenges in global trade markets.
“Coming up with measures to ride out the deteriorating trade environment should be the government’s top priority,” said BOK Gov. Lee Ju-yeol in a meeting with trade experts and professors.
His comments underscored worries that growing protectionism of the new US government could hurt South Korea’s exports, which in turn could drag down the country’s economic growth.
South Korea posted US$23.3 billion in trade surplus with the US last year, accounting for 26 percent of the country’s total trade surplus. Its exports rose 11.2 percent year-on-year to US$40.3 billion in January.
It is the first time since January 2013 that the nation’s exports have posted double-digit growth. Also for the first time in 33 months, exports expanded for three months in a row.
(theinvestor@heraldcorp.com)
“Coming up with measures to ride out the deteriorating trade environment should be the government’s top priority,” said BOK Gov. Lee Ju-yeol in a meeting with trade experts and professors.
His comments underscored worries that growing protectionism of the new US government could hurt South Korea’s exports, which in turn could drag down the country’s economic growth.
South Korea posted US$23.3 billion in trade surplus with the US last year, accounting for 26 percent of the country’s total trade surplus. Its exports rose 11.2 percent year-on-year to US$40.3 billion in January.
It is the first time since January 2013 that the nation’s exports have posted double-digit growth. Also for the first time in 33 months, exports expanded for three months in a row.
(theinvestor@heraldcorp.com)
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