ID :
26488
Sat, 10/25/2008 - 13:54
Auther :
Shortlink :
https://www.oananews.org//node/26488
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Global economic downturn to hurt S. Korean exports in Q4
SEOUL, Oct. 24 (Yonhap) -- The ongoing global economic downturn is expected to cause South Korea's export growth to fall off in the fourth quarter, a government report said Friday.
Exports from six key industries will fall noticeably from October to December,
compared to the first nine months of this year, according to the report prepared
by the Ministry of Knowledge Economy for a parliamentary audit.
General machinery, steel, petrochemicals, textiles, displays and consumer
electronics will be hit the hardest, but shipbuilding, autos and semiconductors
may also be impacted due to uncertainties rocking advanced industrialized
countries.
According to the report, exports of general machinery, which grew 32.9 percent
annually until the third quarter, may likely post a 22.8 percent gain for the
remainder of the year.
Steel exports, which have risen 30.6 percent annually, may also loose steam, with
gains dropping to 21.8 percent, while oversea sales of petrochemicals may plummet
to 7.1 percent year-on-year in the fourth quarter, from 24.1 percent up to
September.
Consumer electronics, including information technology products, are expected to
widen the scope of negative growth already reported for the first nine months.
Exports of consumer electronics were down 2.6 percent annually and are feared to
fall to 9 percent in the fourth quarter.
The forecast is bad news for South Korea, which is trying to rally and post a
trade surplus in the remaining three months of the year, after falling into the
red for the first time in a decade.
South Korea's trade deficit ballooned to over US$14.2 billion in the first nine
months of this year from a surplus of $11.9 billion a year earlier.
Ministry officials, meanwhile, said that while exports may fall, imports will
drop sharply as well since high energy prices that contributed to the trade
deficit have dropped in the past few months.
Dubai crude oil, which makes up the bulk of South Korea's fuel imports, has
fallen to US$71.09 per barrel this month from an average $112.99 per barrel in
August.
yonngong@yna.co.kr
Exports from six key industries will fall noticeably from October to December,
compared to the first nine months of this year, according to the report prepared
by the Ministry of Knowledge Economy for a parliamentary audit.
General machinery, steel, petrochemicals, textiles, displays and consumer
electronics will be hit the hardest, but shipbuilding, autos and semiconductors
may also be impacted due to uncertainties rocking advanced industrialized
countries.
According to the report, exports of general machinery, which grew 32.9 percent
annually until the third quarter, may likely post a 22.8 percent gain for the
remainder of the year.
Steel exports, which have risen 30.6 percent annually, may also loose steam, with
gains dropping to 21.8 percent, while oversea sales of petrochemicals may plummet
to 7.1 percent year-on-year in the fourth quarter, from 24.1 percent up to
September.
Consumer electronics, including information technology products, are expected to
widen the scope of negative growth already reported for the first nine months.
Exports of consumer electronics were down 2.6 percent annually and are feared to
fall to 9 percent in the fourth quarter.
The forecast is bad news for South Korea, which is trying to rally and post a
trade surplus in the remaining three months of the year, after falling into the
red for the first time in a decade.
South Korea's trade deficit ballooned to over US$14.2 billion in the first nine
months of this year from a surplus of $11.9 billion a year earlier.
Ministry officials, meanwhile, said that while exports may fall, imports will
drop sharply as well since high energy prices that contributed to the trade
deficit have dropped in the past few months.
Dubai crude oil, which makes up the bulk of South Korea's fuel imports, has
fallen to US$71.09 per barrel this month from an average $112.99 per barrel in
August.
yonngong@yna.co.kr
