April 26, 2024
Economy
Export growth to underperform this year: BOK
[THE INVESTOR] Korea’s rise in exports is expected to hover below the growth rate of global trade this year, the central bank said on Nov. 22.
Overseas shipments of Korean goods are projected to grow 3.7 percent in 2017 from a year earlier, according to the Bank of Korea.
It is lower than the 4.2 percent increase in global trade, which was forecast by the International Monetary Fund.
The BOK has also forecast Korea exports to expand 3.5 percent on-year in 2018, which also falls below the IMF’s projection of a 4 percent gain in global trade.
Korea’s exports have underperformed global trade since 2014. It would mark the fourth consecutive year this year that the country’s overseas shipments have grown at a slower pace than worldwide trade.
Experts attributed Korea’s underperformance to mainly the falling competitive edge of exports.
By Alex Lee and newswires (alexlee@heraldcorp.com)
