Exports may keep Korean economy climbing

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Exports may keep Korean economy climbing

Korea’s economy is expected to maintain its current recovery pace going forward on the back of brisk exports, a government report said Friday.

However, a weaker job market and ongoing trade issues are likely to weigh on Asia’s fourth-largest economy, the finance ministry said in its monthly economic assessment report.

“Investments are continuing to be helped by sound exports, and output and consumption have sharply rebounded on base effect,” the ministry said.

Last month, domestic consumption faced a correction, but the country’s industrial output and investment increased for the second straight month, it said.

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

The country’s overall industrial output increased 1.2 percent in January, shifting from a 0.5 percent on-year decline in December, and facility investment also advanced 6.2 percent on rising demand for chipmaking equipment, according to the latest review.

Korea’s exports have been on a steep upside cycle since November 2016, led by a spike in global demand.

Outbound shipments soared 4 percent in February from a year earlier on brisk sales of memory chips and ships, according to government data.

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