South Korea’s economy is recovering slightly despite a slowdown in export growth
SEOUL, November 9 (WAM) – South Korea’s economy showed signs of slight improvement, driven by a recovery in consumer spending, despite the continued slowdown in the construction sector and slower export growth.
In its latest monthly economic assessment, the Korea Development Institute reported that the economy is improving slightly, driven by consumption, despite a contraction in construction investment and a slowdown in export growth.
A report by the institute, broadcast by the Korean Yonhap News Agency, indicated that semiconductor exports, which are the main driver of the country’s shipments abroad, remained strong, warning at the same time that the positive momentum
May be weakened by the impact of US customs measures.
According to government data, South Korea’s exports in October rose 3.6% from a year earlier to reach US$59.57 billion, recording growth for the fifth consecutive month, largely due to…
Strong demand for semiconductors.
By sector, semiconductor exports rose 25.4% year-on-year to $15.73 billion, the highest figure ever recorded for the month of October, while exports of most other goods declined due to a lack of working days caused by the extended Chuseok holiday that fell in this month this year.
The October figure also registered a slowdown from the increase that reached 12.7% on an annual basis last September.
The Korea Development Institute noted: “Although trade conditions have improved in part with progress in trade talks between the United States and South Korea and easing of tensions between the United States and China, the situation of…
Certainty still remains.”
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