APD | South Korea's outbound shipments to rebound next month

APD NEWS

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By APD writer Alice

South Korea's outbound shipments are expected to recover next month, Finance Minister Hong Nam-ki said.

The country’s exports fell 0.2 percent to US$25.7 billion in the first 20 days of January, marking the lowest rate of decline in a year and are unlikely to rebound due to fewer working days later this month as the Lunar New Year holiday begins on January 24.

South Korea's economy is expected to report its weakest annual growth in a decade for last year, hit by a lengthy US-China trade war and a cyclical slump in the memory chip sector.

For December last year, monthly exports slipped 5.2 percent on-year to $45.7 billion, marking the decline for the 13th consecutive month. However, this year's exports are forecast to rise 3 percent.

South Korea's outbound shipments fell 10.3 percent on-year in 2019 to $542.4 billion, according to government data.

(ASIA PACIFIC DAILY)