On January 6, the Oversees Economic Research Institute of Korea Eximbank(keri.koreaexim.go.kr) forecast a 10% export growth rate for the first quarter of 2011 (year on year).

In the "2011 1Q Export Forecast" released on the same day, Korea Eximbank forecasts a sustained export growth rate of approximately 10%, based on increased competitiveness and market share of Korean companies. Although this rate is not as high as the previous year's growth rate of 28.3%, it is significant considering difficult conditions to keep high growth due to continued economic slowdowns in developed countries and economic adjustments of emerging markets, e.g. China.

A representative of Korea Eximbank stated, "the export growth rate could drop slightly as the leading export index has been stagnant for two quarters following falls in leading economic indices of developed countries, interest rate hikes in China's, appreciation of the Korean won, etc."

* 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, export unit prices, price competitiveness, export forecasts by industry and by individual corporations, etc.

The Export Business Expectation Index (EBEI), which surveys export forecasts of companies, recorded the third consecutive quarterly drop to 106. This represents the general consensus among companies that growth in the exports sector is likely to slow down.

Korea Eximbank announced, "We will continue to support export momentum in new growth industries by implementing initiatives such as the Green Pioneer Program in order to help Korean companies secure a platform for new growth."