S. Korean Exports To Grow 3 Pct Next Year: Report

South Korean exports are expected to grow 3 percent next year led by robust demand for semiconductors and petrochemicals, with the growth rate slowing down compared to recent years, a local trade association said Wednesday.

SEOUL, (UrduPoint / Pakistan Point News - 28th Nov, 2018 ) :South Korean exports are expected to grow 3 percent next year led by robust demand for semiconductors and petrochemicals, with the growth rate slowing down compared to recent years, a local trade association said Wednesday.

In its report on analysis of 2018 trade and the 2019 outlook, the Korean International Trade Association (KITA) forecast that exports will grow to US$62.5 million in 2019 from an estimated $60.

7 million for this year.

Spreading protectionism in major trading partners, U.S. interest rate increases and possible financial volatility in emerging markets will remain core challenges for exporters next year, the report said.

This year, the growth rate of exports is likely to slow down to 5.8 percent from an on-year growth rate of 15.8 percent tallied in 2017, it said.

KITA expected imports to increase 3.7 percent to $55.7 million in 2019 from an estimated $53.7 million this year.