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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Korea’s economy weighed down despite trade gains

  • PUBLISHED :June 09, 2017 - 10:46
  • UPDATED :June 09, 2017 - 10:46
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[THE INVESTOR] An upturn in global trade and exports has been helping the Korean economy recover to some extent, but the gains are weighed down by flaccid domestic demand, a government report said on June 9.

“The Korean economy has been on a upside cycle thanks to a steady rise in outbound shipments, while the domestic side is showing weak signs of recovery due to production and investment adjustment,” the Finance Ministry said in its monthly economy assessment report.

The report is based on the latest economic indicators of such key factors as output, exports, consumption and corporate investment, which could provide clues as to how the economy has been fairing in recent months.

The ministry said exports were the biggest contributor to pushing up the Korean economy in recent months.

But recently, industrial output and investments are showing signs of some backtracking following months long acceleration led by stellar overseas demand for Korean-made chips.

Production of mining and manufacturing fell 3.3 percent in April from a month earlier, while facility investment retreated 4 percent on-month, sharply down from a 13.3 percent on-month jump in March.

Moreover, retail sales still remained too weak to prop up the economy as they edged up just 0.7 percent in April from a month ago. 

By Alex Lee and newswires (alexlee@heraldcorp.com)

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