South Korea’s Ministry of Trade, Industry and Energy reported today that Export totals in December 2023 increased 5.1% year-on-year to reach 57.66 billion dollars. That was slower than the 7.7% increase in November and lower than the 6.6% increase most analysts expected.
The slowdown in export sales in December reflects that. Demand for South Korean products in the global market remains weak. The financial market is keeping a close eye on South Korean exports. Because it is seen as one of the data that can indicate the direction of world trade.
South Korea’s imports in December fell 10.8 percent year-on-year to $53.1 billion. That was better than the 11.6% drop in November and better than analysts’ expectations for an 11.4% drop, which left South Korea with a trade surplus of $4.48 billion in December.
For the full year 2023, South Korea’s exports fell 7.4% year-on-year to $632.6 billion. Meanwhile, imports decreased 12.1% to reach 642.7 billion dollars. As a result, South Korea’s trade deficit in 2023 will total $9.97 billion.
Experts from the South Korean Development Institute predict that The South Korean economy is likely to recover in 2024, supported by rising exports. But he is concerned about the high interest rate environment for a long time. and higher inflation It may hinder the growth of the world economy. And as a result, South Korea’s domestic demand will also weaken.
South Korea faces a number of economic challenges in 2023 stemming from the global economic downturn caused by aggressive financial tightening policies of major countries including the United States. In addition, the global economy is also affected by global economic risks. geopolitics due to conflicts in the Middle East and the Russian-Ukrainian war
The Organization for Economic Cooperation and Development (OECD) expects the South Korean economy to expand 2.3% in 2024, while the International Monetary Fund (IMF) expects the South Korean economy to expand 2.3% in 2024 as well.
#South #Koreas #December #exports #increased #expected #exports #decreased
2024-01-01 04:10:42
