The government has warned the nation’s exports may slow down in the months ahead, citing unfavorable external factors as well as the strong domestic currency. 

In a government meeting to check export performances of major industries on Friday, Kim Young-sam, deputy minister of trade and investment at the Ministry of Trade, Industry and Energy, said that it is difficult to stay optimistic due to the worsening trade environment, citing examples such as protectionist measures by major trade partners and the recent strengthening of the Korean won.

He also said that the instability of the global financial market is deepening as a result of the normalization of expansionary monetary policies in major economies. 

The official said that although the exports of semiconductors, computers, oil products and petrochemical products will see growth in April, the overall monthly exports could slow down or even contract compared to a year earlier. 

South Korea’s exports grew six-point-one percent on-month in March, marking a growth for the 17th consecutive month.