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Korea’s exports growth to hover below gain in global trade again in ‘17

Collected: 2017.11.22

Distributed: 2017.11.23

Source: Go Direct

South Korea’s exports would not keep up with the recovery pace in global merchandise commerce despite this year’s big gains from electronic components, said the Bank of Korea.

The central bank estimates outbound shipments of Korean goods to grow 3.7 percent on year for full 2017, compared with a 4.2 percent expansion in global trade in goods estimated by the International Monetary Fund for this year.

Next year’s goods exports are projected to add 3.5 percent, again underperforming the 4.0 percent estimated growth in global trade for next year.

Until 2013, it had been rare for Korean exports to underperform the pace of growth in global commerce. But the export powerhouse failed to catch up with the growth in global trade from 2014 as overseas demand in Korean products became restricted to a few items like semiconductors because they lost out to Chinese competitors.

By Kim In-oh and Cho Jeehyun

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