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South Korea’s exports are expected to grow in the first quarter of this year as the global economic recovery gains momentum, a survey of foreign buyers and assessment of trade data showed Monday.
According to the leading export index compiled by the Korea Trade-Investment Promotion Agency, the country’s outbound shipments should expand compared with the fourth quarter of last year.
The prediction is noteworthy because last year’s export tally of $560 billion was the largest in the country’s history, and there have been concerns that the weak Japanese yen could hurt sales of South Korean products overseas in 2014.
The survey carried out on 2,215 foreign buyers and trade representatives showed the leading index standing at 52.7, up 0.8 point from 51.9 tallied for the fourth quarter of last year.
An index reading exceeding the 50 break-even point is indicative of more robust exports.
The latest report showed that the quality and price competitiveness of South Korean products both moved up vis-a-vis the last three months of 2013.
Quality and price competitiveness stood at 56.7 and 50.1 points, respectively, it said.
“The Korean won’s relative strength to the yen and the U.S. dollar may hurt price competitiveness to some extent, yet this has been largely offset by favorable conditions in Europe and newly emerging markets,” KOTRA said in a press release.
However, it said local companies still need to monitor the yen’s movement.
The latest survey said exporters believed that Europe, along with the United States that began to reduce its expansive monetary policy, could lead the demand for locally made goods. Index numbers for China, the Middle East and the Commonwealth of Independent States also showed these markets can fuel export growth in the January-March period.
Only exports to Japan are expected to backtrack, as South Korean products become more expensive in the neighboring country, the poll predicted.
By sector, food, mobile communication equipment and consumer electronics are seen as leading the exports, with cars, auto parts, petrochemicals and various other information technology products also doing well, it said.
On the downside, exports for steel and petroleum products may contract, along with general machinery, it said. (Yonhap News)
According to the leading export index compiled by the Korea Trade-Investment Promotion Agency, the country’s outbound shipments should expand compared with the fourth quarter of last year.
The prediction is noteworthy because last year’s export tally of $560 billion was the largest in the country’s history, and there have been concerns that the weak Japanese yen could hurt sales of South Korean products overseas in 2014.
The survey carried out on 2,215 foreign buyers and trade representatives showed the leading index standing at 52.7, up 0.8 point from 51.9 tallied for the fourth quarter of last year.
An index reading exceeding the 50 break-even point is indicative of more robust exports.
The latest report showed that the quality and price competitiveness of South Korean products both moved up vis-a-vis the last three months of 2013.
Quality and price competitiveness stood at 56.7 and 50.1 points, respectively, it said.
“The Korean won’s relative strength to the yen and the U.S. dollar may hurt price competitiveness to some extent, yet this has been largely offset by favorable conditions in Europe and newly emerging markets,” KOTRA said in a press release.
However, it said local companies still need to monitor the yen’s movement.
The latest survey said exporters believed that Europe, along with the United States that began to reduce its expansive monetary policy, could lead the demand for locally made goods. Index numbers for China, the Middle East and the Commonwealth of Independent States also showed these markets can fuel export growth in the January-March period.
Only exports to Japan are expected to backtrack, as South Korean products become more expensive in the neighboring country, the poll predicted.
By sector, food, mobile communication equipment and consumer electronics are seen as leading the exports, with cars, auto parts, petrochemicals and various other information technology products also doing well, it said.
On the downside, exports for steel and petroleum products may contract, along with general machinery, it said. (Yonhap News)
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Articles by Korea Herald
