South Korea's industry ministry said Wednesday it will closely monitor the global trade environment amid concerns over growing uncertainties at home and abroad following the launch of the second Donald Trump administration.
"In January, exports are expected to slow temporarily due to the global slowdown in demand for information technology products, a decline in chip prices and a reduced number of business days," First Vice Industry Minister Park Sung-taek said.
The number of business days in January is set to drop by four compared with a year earlier due to the Lunar New Year holiday, which fell in February in 2024.
The reduced number of working days is widely expected to contribute to the end of the country's 15-month streak in export growth.
Park, however, noted the daily average volume of exports remains relatively robust.
"Following the launch of the new US government, the business environment for exports is changing rapidly," Park said. "As South Korea faces heightened uncertainties in the first half, the government will spare no effort in devising an emergency export strategy that will include viable plans."
On Tuesday, Industry Minister Ahn Duk-geun noted the country's exports are expected to face difficulties in the first half due to what he called "deteriorating export conditions for key items." (Yonhap)
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