Exports expected to fall 9% as global growth shrinks

Home > Business > Economy

print dictionary print

Exports expected to fall 9% as global growth shrinks

Korea’s exports are forecast to shrink 9 percent in the fourth quarter from a year earlier, the Export-Import Bank of Korea said Wednesday.

Slowed growth in the global economy and a slide in exports’ value are affecting Korea’s exports, the state-run institute said in a report, based on the country’s performance in the third quarter. The expected decline in the fourth quarter is similar to the third quarter, dropping 9.5 percent year-on-year, the bank said.

The outlook considered various factors, such as the economies of Korea’s export partners, value of imported items to Korea, overseas orders in various industries and the foreign currency market, the bank added.

The downward pressure on exports could be eased in the fourth quarter, considering a rebound in the Eurozone economy and an increase in imports of raw materials to Korea, the report said.

More in Economy

Life expectancy up 7 months for Koreans born in 2019

OECD knocks tenth of a point off Korea's 2020 growth

Bos taurus philately

$504 billion budget for 2021 ready for passage

Jeonse boom

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now