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S. Korea's Export Growth to Slow Down in June After Record Outbound Shipments

Written: 2018-06-26 17:04:32Updated: 2018-06-26 17:24:38

S. Korea's Export Growth to Slow Down in June After Record Outbound Shipments

Photo : YONHAP News

The South Korean government expects export growth to slow down in June, following record-high exports during the first five months of the year.

Meeting with trade associations on Tuesday, Trade Minister Kim Hyun-chong said the country's exports expanded eight-point-two percent to a record 246-point-four billion U.S. dollars in the January to May period from a year earlier.

While anticipating the growth to continue throughout the year, Kim cautioned against a slowdown in June due to reduced working days this month and a downbeat outlook for shipbuilders and carmakers.

The minister also pointed to uncertainties caused by external factors, such as interest rate hikes in the U.S., Europe unwinding quantitative easing and Washington's trade disputes with Beijing.

In order to maintain the country's export growth, the trade minister said the government will closely monitor the internal and external environment to promptly deal with emergency situations.

The trade ministry will also work with local industries to counter rising import restrictions by the U.S.

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