APD | South Korea's exports expected to grow 3 percent next year

By APD writer Alice

The Korea Trade-Investment Promotion Agency (KOTRA) forecast South Korea’s exports will increase 3 percent in 2020 thanks to the recovery of the global chip, automaking and shipbuilding sectors.

Asia's No. 4 economy is expected to earn $550 billion from outbound shipments next year, compared to $540 billion projected for this year, the agency said.

Earlier this month, South Korea's Ministry of Trade, Industry and Energy announced that the country’s exports dropped 14.3 percent year on year in November to 44.1 billion USD, marking the 12th consecutive month of decline in the context of ongoing US-China trade tensions and falling chip prices.

Meanwhile, its imports decreased 13 percent over the period, down for the seventh consecutive month.

As a result, South Korea still enjoyed a trade surplus for the 94th consecutuve month, standing at 3.37 billion USD.

(ASIA PACIFIC DAILY)