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Growth of S. Korean exports forecast to slow in Q1

Cargo ships anchored at Busan Port (Yonhap)
Cargo ships anchored at Busan Port (Yonhap)
South Korea's exports will likely lose some growth momentum in the first quarter of the year due to a string of unfavorable external factors, a state bank said Wednesday.

Overseas shipments by Asia's fourth-largest economy are expected to climb 15-16 percent on-year to $169 billion in the January-March period, according to the Export-Import Bank of Korea (Exim Bank).

"South Korea's exports are likely to keep expanding in the first quarter, but their growth pace may lose some steam," the state bank said in its latest report on the country's exports.

Unfavorable external conditions include the continued spread of the omicron coronavirus variant and a prolonged disruption in the global supply chain, the Exim Bank said.

The growth of South Korea's exports could lose further steam in the wake of a slowdown in the economy of China, Seoul's largest export destination, it added.

South Korea's exports remained buoyant in 2021. The country's outbound shipments surged 25.8 percent on-year to $644.54 billion last year, the highest annual tally since data tracking began in 1956.

In December, exports soared 18.3 percent on-year to hit a monthly high of $60.74 billion, marking the 14th consecutive month of growth. (Yonhap)

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