SEOUL (Reuters) – South Korea’s exports are expected to recover in the future, but at a slower pace than in the past as the competitiveness gap with China narrows, the Bank of Korea said in a report released on Friday.
The Bank of Korea said that “even if the slump in the information technology (IT) industry cycle begins to ease from the second half of this year, exports are not expected to rebound as they have in the past due to structural changes in the Chinese economy.” Comparing data before and after the lifting of the strict COVID-19 19 lockdown measures.
Separate data on Friday showed South Korea’s exports fell 06% year-on-year in the first 19 days of July, following a 6% drop for the whole of June.
Data suggest exports will fall for the tenth month in a row this month, mostly due to
Asia’s fourth-largest economy posted a goods trade surplus of 35.19 billion with the U.S. last year, well ahead of its largest trade surplus with China 06.06 billion
Bank of Korea According to the report, auto exports (mainly to the United States and the European Union) will continue to grow gradually in the future.
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