South Korea is expected to post an 11th consecutive month of a contraction in exports in November. 

Finance Minister Hong Nam-ki revealed the outlook on Wednesday during a meeting of the National Assembly's Special Committee on Budgets and Accounts, while addressing concerns the country may suffer from an economic slump similar to the Asian financial crisis. 

Hong pointed to the sluggish semiconductor industry, the slowing Chinese economy and U.S.-
China trade tensions as major factors.

He also shared concerns about gloomy consumer sentiment, which has hovered below the benchmark 100 for six straight months, nearing levels last observed during the global financial crisis in 2008 and the Asian financial crisis a decade earlier. 

The minister, however, dismissed speculation that current economic difficulties were triggered by the Moon Jae-in administration’s income-led growth initiative and labor-friendly policies, including the shorter workweek system.