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.