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Korea Exim News

Korea’s 2010 4Q Export Growth Rate Expected to Increase by 10%

Date 2010.11.22 View 28949
Korea Eximbank Overseas Economic Research Institute (keri.koreaexim.go.kr) announced on October 13 that Korea’s 2010 4Q export growth rate over the same period in the previous year is anticipated to record around 10%.

According to the “Korea Eximbank 2010 4Q Export Forecast,” growth in exports is expected to be lower than the 3Q rate due to economic slowdowns in Korea’s major export destinations, reduced price competitiveness, and diminishing base effects.

Korea Eximbank analyzed that the export growth rate may decelerate as the Leading Export Index*, the standard for future economic outlooks in exports, decreased for the first time in six consecutive quarters (a decrease of 1.1% compared to the previous quarter). The index decreased due to lower composite leading indicators of major economies such as the US, Europe, and Japan; a slowdown in China’s economic expansion; and falling price competitiveness resulting from the appreciation of the Korean won.

* The Leading Export Index is a composite index that predicts the outlook for the export sector by comprehensively analyzing variables that influence Korea's exports such as economic conditions of major importing countries, prices of export products, export forecasts by industry, and sales forecasts of companies.

The Export Business Expectation Index (EBEI), which surveys expectations of companies for the export market, decreased to 113 from 117 of the previous survey. As indicated by EBEI, companies also forecast a sluggish recovery in exports.

Korea Eximbank plans to continue strengthening supports for exports of new growth sectors and increase financial supports for large-sized projects such as nuclear plants and high-speed railways.