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Korea Exim News

25% Growth in Exports Anticipated for 2Q of 2011

Date 2011.04.14 View 27757
□ On March 31, the Overseas Economics Research Institute (keri.koreaexim.go.kr) of Korea Eximbank forecast a 25% export growth rate for the second quarter of 2011 (year on year) thanks to stable increases in export.

□ According to the Korea Eximbank 2011 2Q Export Forecast, export rates are expected to continuously increase due to economic recoveries in developed countries such as the US and solid economic growth in emerging markets.

○ Korea Eximbank stated that Leading Export Index*, the standard index of future economic performance in exports, indicated continuous growth for the last two consecutive quarters (2.7% increase from the previous quarter) thanks to improving labor conditions in the US, recovering industrial production in Germany, stabilizing investment and consumption in China, as well as increasing price competitiveness of Korean companies through cost reductions. Nevertheless, there is a slight possibility for limited export growth rates due to external fear factors such as the earthquake and tsunami in Japan and ongoing tensions in the Middle East.

*The leading export index is a comprehensive economic index that predicts the direction of Korea’s export industry by taking into consideration variables influencing Korea’s export volumes such as economic conditions of Korea’s major export partners, export unit prices, and price competitiveness of domestic products as well as export prospects of industries and corporations in Korea.

□ Meanwhile, Korea Eximbank stated that it has prepared protective measures against unstable export conditions caused by rapidly changing external economic conditions such as the earthquake in Japan which has interrupted the supply of key components from Japan. For example, the Bank established, on March 14, a support center for those negatively impacted by the earthquake in Japan to assess the damage caused to Korean companies trading with Japanese counterparts and to provide a variety of support programs such as extensions on loan maturity dates and interest rate reductions .