Exports Expected to Slow This Year

Korea's exports posted double-digit growth to reach a record high last year, but growth is expected to slow significantly this year, according to a survey.

The Korea Economic Research Institute said on Sunday that its survey of 150 exporters found that 58.7 percent of them expect shipments to rise this year, but only by 3.2 percent.

Exports rose 25.8 percent on-year to US$644.5 billion last year, their highest level since reaching $604.9 billion in 2018.

Cited as risk factors were rising raw materials prices, the prolonged coronavirus pandemic and the U.S.-China trade war.

The survey showed that the most urgent issue the government should address to help exporters is managing inflation, followed by dealing with external diplomatic issues and expanding financial support and tax breaks.