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Korea’s export growth to fall to single digit next year: KITA

Collected: 2017.12.20

Distributed: 2017.12.22

Source: Go Direct

Korean exports will likely stay robust in 2018, but not in this year’s double-digit pace due to strengthening in the Korean currency value and trade barriers in the world’s two major markets - the United States and China, said a local think tank.

According to a survey by the Institute for International Trade under the Korea International Trade Association (KITA) on 514 companies with annual exports of more than $500,000, 91.4 percent believed Korean exports will keep up growth momentum next year.

The lion’s share - 68.2 percent - estimated the year-on-year growth to be in the range of zero to 10 percent next year. Korea’s exports from January to November this year gained 16.5 percent against the same period in 2016.

Traders were buoyant about external demand in medical, precision and optical instruments, semiconductors and machinery and uncertain about mobile phones, wireless communications devices, electronics, and fresh food exports.

The biggest uncertainty in next year’s external trade was foreign exchange volatility (48.4 percent). Other factors were intensified global competition (25.1 percent) and increased trade protectionism in the U.S. and China (16.0 percent).

The institute warned that a stronger won could hurt profitability of exporters next year. Traders estimated the U.S. dollar to average 1,090 won next year. The won closed Tuesday at 1,084.9 versus the dollar.

By Woo Je-yoon and Lee Ha-yeon

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