China`s economic downturn to batter Korean exports: report

SEOUL, Nov. 9 (Yonhap) -- South Korean exporters are expected to take a beating next year as China's economy heads for a slowdown amid fears of a global economic recession, a private researcher said Sunday.

The LG Economic Research Institute expected China's economic growth to fall below
8 percent next year, compared with 9 percent in the third quarter of this year.
"China's growth started weakening as exports falter in the face of recessions in
advanced economies," the institute said in a report.
"If the trend continues, South Korea's exports will be severely damaged," it said.
China is South Korea's largest trading partner with two-day trade totaling US$118
billion last year.
The Lee Myung-bak administration has sought to weather the economic crisis
through increased overseas shipments. The government announced an ambitious plan
last week to raise annual exports from an estimated $430 billion this year to
over $500 billion next year.
According to government statistics, the nation's exports grew just 10 percent in
October, marking the slowest growth rate in 13 months. Exports to China also fell
1.8 percent in the first 20 days of the month, the Ministry of Strategy and
Finance said.
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