South Korea’s exports are expected to shrink this year.
 
The Korea Export-Import Bank or Exim Bank’s overseas economy institute forecast in its report that the nation’s exports for this year will decrease four tenth of a percent to a half of a percent from last year due to sluggish global trade and weaker European and Japanese currencies.
 
The institute projected that South Korea’s exports to China will remain weak as China’s growth is slowing along with changes in its growth strategy.
 
It also expected the country’s exports to the Middle East, Russia and Brazil will remain slow over a long period of time.
 
The Bank of Korea predicted the country’s exports will decrease four tenths of a percent this year, while private think tank LG Economic Research Institute forecast the exports will shrink seven tenths of a percent this year.