South Korean export fell in December amid global economic cooldown


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South Korean export fell in December amid global economic cooldown

On Tuesday, the 1st of January, official data revealed that the South Korean exports soured slightly in December from a year earlier and analysts had been sensing a cooling global economy. According to the South Korean official data, the December exports plunged by 1.2 percent from a year earlier, while the analysts had forecasted a marked raise and the unexpected cooldown could have been the effect of a global economy, which had lost appetite for gains amid sarcastic sorcery in terms of tariff conflicts.

Although most of the analysts had predicted a raise in export data earlier on December, some analysts commented that the data was not too surprising, while coinciding with the tariff war between US and China and the outlook for global trade appears to be timid, alongside, signs of economic slowdown are progressing.

According to the South Korean trade ministry, the December fall in export was resulted from a faltered memory-chip industry and oil price decline. Concomitantly, the declined demand from China had also glided the slide, while the South Korean import grew by 0.9 percent.

Citing this incident, a sooner-than-anticipated fall, an economist at Meritz securities, Lee Seung-hoon, had been quoted saying, “The (annual) decline came about a month earlier than I thought, but I expect Korean exports to be weak throughout the first half of this year, posting low single-digit growth at best. ”