ID :
191674
Wed, 06/29/2011 - 07:58
Auther :
Shortlink :
https://oananews.org//node/191674
The shortlink copeid
S. Korea's export growth to cool in H2: report
SEOUL, June 29 (Yonhap) -- South Korea's export growth is likely to slow sharply in the second half of this year due mainly to unfavorable market conditions in electronics parts and rising competition from China, a report showed Wednesday.
According to the report by the state-run Korea Trade-Investment Promotion Agency (KOTRA), overseas shipments will likely grow 17.6 percent on-year in the July-December period, compared with a 25 percent surge in the first half.
"The global market for electronic parts has not improved, while competition from China in emerging markets can hurt overseas demand for local goods," KOTRA said.
According to the report, exports of ships, which soared 52.5 percent on-year in the first half, could slow down in the coming months, putting a crimp in the overall growth rate.
Exports of autos, auto parts, petrochemicals and steel products are all expected to post solid gains in the second half, while shipments of semiconductors, displays and various electronic components may grow at a slower pace.
Overseas demand for South Korean products brought on by temporary output losses from Japanese factories is showing signs of returning to normal. Many foreign buyers had opted to import goods from South Korea after Japan was hit hard by the massive quake on March 11.
The value of exports is predicted to reach US$288.2 billion in the second half from $276.7 billion in the first half, with the annual total likely to rise 21.1 percent on-year to $564.9 billion.
KOTRA said that if the forecast export growth is reached and imports hover around $520 billion as anticipated, South Korea's two-way trade will easily exceed the $1 trillion mark for the first time this year, compared with $891.6 billion in 2010.
yonngong@yna.co.kr
According to the report by the state-run Korea Trade-Investment Promotion Agency (KOTRA), overseas shipments will likely grow 17.6 percent on-year in the July-December period, compared with a 25 percent surge in the first half.
"The global market for electronic parts has not improved, while competition from China in emerging markets can hurt overseas demand for local goods," KOTRA said.
According to the report, exports of ships, which soared 52.5 percent on-year in the first half, could slow down in the coming months, putting a crimp in the overall growth rate.
Exports of autos, auto parts, petrochemicals and steel products are all expected to post solid gains in the second half, while shipments of semiconductors, displays and various electronic components may grow at a slower pace.
Overseas demand for South Korean products brought on by temporary output losses from Japanese factories is showing signs of returning to normal. Many foreign buyers had opted to import goods from South Korea after Japan was hit hard by the massive quake on March 11.
The value of exports is predicted to reach US$288.2 billion in the second half from $276.7 billion in the first half, with the annual total likely to rise 21.1 percent on-year to $564.9 billion.
KOTRA said that if the forecast export growth is reached and imports hover around $520 billion as anticipated, South Korea's two-way trade will easily exceed the $1 trillion mark for the first time this year, compared with $891.6 billion in 2010.
yonngong@yna.co.kr
