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Recently, new officials of the Ministry of Commerce, Industry and Energy and leaders of large companies met. At this meeting, the Ministry of Industry encouraged entrepreneurs to actively stimulate export performance. Previously, the Commerce Department of the Ministry of Commerce and Industry had called on the top 30 exporting companies to increase their export performance several months ago in order to increase their performance at the company. Export in September, at the end of Chuseok holidays.
This is because the exports are the result of business incentives, so that the ministries are considered to be ingesting in the economy. Despite the steady red light on business and household sentiment and employment and income indicators, exports alone are expected to exceed $ 600 billion in early years this year.
However, the outlook for these exports is expected to slow down next year. The Korea International Trade Association (KITA) predicted that exports would increase by 3% next year and imports by 3.7% by 2018 in 2018 import and export badessments and forecasts by 2018 Exports next year will also exceed $ 600 billion. However, the growth rate of exports compared to the previous year is expected to fall from 15.8% last year to 5.8% this year, and to only 3% next year.
In the case of semiconductors, price cuts are a problem. For the first time this year, it is expected to exceed $ 130 billion for the first time in a single article, but due to continued falling prices, the growth rate of exports will rise from 30% this year to 5%.
Cars, steel and displays are more serious. In the case of automobiles, exports are expected to fall by 0.9% over the previous year, due to lower demand for sedans and rising US interest rates. In addition, the steel market is expected to decline by 7.4% due to increased competition due to increased exports from China and the effects of US trade protection.
Kim Young-joo, president of the Korean Association for International Trade, said, "Although Chinese companies face various trade barriers and pressures, we need to invest in technology development and access to the future. markets such as Myanmar, Sri Lanka and Indonesia.
Yoon Jung Min reporter [email protected]
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