S. Korean exports forecast to expand 23 pct in Q3

SEOUL, July 11 (Yonhap) -- South Korea's exports are expected to grow around 23 percent on-year in the third quarter thanks to sustained economic growth in developing economies, a state-run trade bank said Monday.
The forecast by the Export-Import Bank of Korea (Eximbank) is based on its leading index for the country's overseas shipments, which reflects economic conditions of importing countries and export price levels of local goods.
The trade bank said the export gauge reached 122.3 for the July-September period, up 0.7 percent from the previous quarter, marking a third straight quarterly gain.
"Despite signs of slowing growth in advanced economies such as the U.S., Europe and Japan, the solid expansion of developing countries is set to help South Korea sustain its stable export growth," Eximbank said in an e-mailed statement.
The policy lender also said global inflation helped boost local exporters' price competitiveness, despite the Korean won's recent appreciation. A strong won usually hurts exporters by making their products more expensive in overseas markets.
The country's exports are estimated to have expanded 20 percent in the second quarter of this year from the previous year, according to Eximbank.
mil@yna.co.kr