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Biz News Korea(Eng)

S. Korea’s exports to stay in doldrums next year: KOTRA CEO

Collected: 2016.10.27

Distributed: 2016.10.28

Source: Go Direct

South Korea’s exports are bound to fall this year against the previous year and will likely remain sluggish throughout next year as external conditions remain foggy, said Kim Jae-hong, president and chief executive officer of South Korea’s state-run Korea Trade-Investment Promotion Agency (KOTRA).

“Exports won’t likely recover this year due a number of multiple negative factors such as discontinuation of Galaxy Note7, lengthy strike at Hyundai Motor, and Hanjin Shipping crisis at home and strengthened trade protectionism and slowdown in China abroad,” Kim said in a press conference.

Export data won’t likely improve much next year as well as Korea no longer can expect China as the key market for intermediary goods, he said. He urged Korean companies to target China with consumer goods and value-added products.

The agency will use some of the funds it received from supplementary budget worth 25 billion won ($22 million) to bolster exports over the remaining two months of the year.

By Moon Ji-woong

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