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S.Korean Q4 exports forecast to grow for 1st time in 2 years: minister

Xinhua, December 19, 2016 Adjust font size:

South Korea's fourth-quarter exports are forecast to grow for the first time in two years amid modest recovery in global trade, the country's trade minister said on Monday.

Minister of Trade, Industry and Energy Joo Hyung-hwan told a press conference that the October-December quarter exports are expected to post the first quarterly growth in two years and that next year's export growth rate would record over 2 percent.

The country's exports, which account for about half of the export-driven economy, rose in August and November alone in the past 23 months.

Joo said the December exports would increase after expanding 2.5 percent in November, which would lead to the first quarterly growth in two years in the December quarter.

The minister predicted a moderate recovery in global trade in 2017 and higher crude oil prices that would help restore overseas shipments by local exporters next year.

However, the minister cited the launch of the Trump administration and stronger protectionist moves as risk factors facing the South Korean economy.

Concerns remain about U.S. President-elect Donald Trump's trade policy as Trump negatively mentioned the bilateral free trade pact with South Korea during his election campaign. Endit