The South Korean government sharply revised up its exports outlook for 2017 to year-on-year growth of 6 to 7 percent from earlier 2.9 percent citing the robust double-digit growth in the first half that could translate into the best annual performance in six years, according to the trade minister.
Exports this year had been stronger than expected, expanding five months in a row since November and jumping 14.5 percent in the first quarter against a year-ago period, said Joo Hyung-hwan, Minister of Trade, Industry and Energy on Thursday during a meeting with export promotion public institutions.
If the strengthening trend continues, the country could earn $525 billion to $530 million from overseas shipment, increasing 6 to 7 percent from last year and becoming the largest since $555.2 billion in 2011. The trade ministry estimated 2.9 percent growth in exports to $510 million.
Exports kept up winning streak in April, recording 28.4 percent on year growth in the first 20 months, according to the Korea Customs Service.
By Ko Jae-man
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