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South Korea will take proactive measures to boost exports to maintain growth momentum despite rising protectionist policies by major trading partners and uncertainties in the global financial market, the government said Friday.
The Ministry of Trade, Industry and Energy expected export growth to slow this month due to sluggish demand for ships, vehicle and auto parts.
"The export outlook is not favorable for April due to protectionist measures in major trading partners, the strengthening local currency and rising volatility in the global financial market," Kim Young-sam, deputy minister for trade and investment, said in a meeting with local trade associations.
The ministry expects slower growth in semiconductors, computers and petrochemical products along with a downbeat outlook for shipbuilders, carmakers and display producers.
South Korea's exports rose 6.1 percent on-year to $51.58 billion last month to mark the largest monthly tally for March, rising for the 17th consecutive month, according to government data.
While brisk sales of high-value memory chips and petrochemical products boosted overall exports in Asia's fourth-largest economy, local shipbuilders and automakers have struggled with weak demand. (Yonhap)
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