Seoul, November 22 : .South Korea’s exports will reach an all-time high by 2021 due to strong overseas demand.
This is despite the ongoing global economic recovery.The report also indicated that their growth momentum could continue in 2019.Yonhap News Agency reported that the country’s foreign shipments will increase by 24.1 percent from last year to $636.2 million this year.
The fourth largest economy in Asia is expected to import $605.7 billion this year, an increase of 29.5 percent from last year.
KITA forecasted that South Korea’s exports would rise by 2.1 percent to $649.8billion in 2022.Imports are expected to climb by 1.6 billion to $615.4billion.
It stated that the strong demand from overseas for South Korean products such as chips, petrochemicals and displays will help to boost export growth next year.
South Korea’s steel exports will likely fall 9 percent in 2014 due to lower prices.
Overseas shipments of home electronics and auto parts are expected to be affected.
KITA stated that South Korea’s exports will likely continue to grow next year, despite the economic recovery in advanced countries.
Exports may be affected by disruptions in global supply chains, slowdowns in China’s economy growth, and higher inflation in other major countries.
KITA predicts that South Korea will see an increase in imports by 2022 because of the high prices for crude oil and other raw materials.
ksk/ #South #Korea
