À̹ÌÁö È®´ë South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, on the screen, speaks at a ministerial meeting of external economic affairs held in Seoul on June 1. [Photo by Yonhap]
South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho expressed optimism on Friday regarding the improvement of the country¡¯s exports, which have been sluggish for eight months.
During a ministerial meeting of external economic affairs held in Seoul, Choo said that some positive signs are emerging although exports in May continued to decline by double digits due to a fewer working days.
According to government data released on Thursday, the nation¡¯s outbound shipments last month fell by 15.2 percent from a year ago, marking the eighth consecutive month of year-on-year decline. The average daily export value also dropped by 9.3 percent compared with the previous year.
¡°Exports to China, a major factor that has contributed to the decline in Korea¡¯s outbound shipments, reached their peak this year, while semiconductor exports expanded in volume last month despite a price decline and this led to an improvement in exports compared with April,¡± Choo said.
Automobiles and batteries, including cathodes, which has played a role as the country¡¯s export pillars this year, have continued to show a rising trend in exports. ¡°As a result, the average daily export value in May exceeded $2.4 billion for the first time since October last year, showing improvement compared from a month earlier,¡± he said.
However, he cautioned that ¡°global economic slowdown and external uncertainties still persist,¡± saying that ¡°we will strengthen post-summit meeting measures to attract investment and economic cooperation, broaden the basis of trade, and enhance momentum for economic vitality and export recovery.¡±
Choo particularly emphasized the need to ¡°further strengthen investment cooperation to accelerate the inflow of investments from the United Arab Emirates into Korea.¡±
¡°Through high-level dialogues such as the Korea-UAE Economic Joint Committee, organizing investment roadshows, and designating an investment support channel within KOTRA (Korea Trade-Investment Promotion Agency), we will provide comprehensive support for substantial investment execution,¡± he said.
The UAE announced plans to invest $30 billion in Korea in January, selecting energy and information communication technology as priority areas for investment cooperation.
By Pulse
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