Euro zone woes could trigger hard landing for exports

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Euro zone woes could trigger hard landing for exports

The euro zone’s fiscal problems could jeopardize Korea’s exports and cause a slowdown in economic growth, a private think tank said yesterday.

The Hyundai Research Institute (HRI) said persistent debt woes facing European Union countries such as Greece are affecting worldwide trade.

“If the EU cuts back on imports, this would have a direct bearing on Korea and could even cause a hard landing for the country’s exports,” it said.

Europe accounted for 9.5 percent of Korea’s trade last year, with exports reaching $55.7 billion. The total rises to $69.3 billion if indirect shipments going through the United States, China and other countries are tallied.

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