[AJU NEWS DB]
South Korea is faced with its increase in exports’ growth rate slower than the global average in 2015. The growth of exports last year was also sluggish, due to overseas market not matching many Korean companies’ conditions.
Korea Development Institute (KDI), the state-run think tank of Korea, announced on Sunday, that conditions of Korea’s exports will stay at a similar level of earlier this year. The growth rate is lower than the 3.2 percent gain the International Monetary Fund (IMF) had projected for the year 2015.
In 2014, Korea’s exports increased by 2.3 percent which was lower than the global average of 3.3 gain.
The experts analyzed that the competition with China in industries which has served the majority of Korea’s exports. The industries are – steel, IT, chemicals. Since the industries are booming in China, the KDI expects no better in 2016.
The institute expects Korea’s exports to grow 1.8 percent next year.
아주경제 박세진 기자 = swatchsjp@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
