Seoul - South Korea’s, the world’s sixth top export country, has revised down its forecasts for the growth of the country’s exports in the new year, citing signs of a global economic slowdown and weaker demand.
In a report quoted on Wednesday by Yonhap news agency, Samsung Securities Co. forecast that the country’s outbound shipments would expand 2.5 percent in 2019, down from its previous projection of 5.5 percent.
“Exports of semiconductors are forecast to shrink 8 percent due to an expected fall in unit price,” said Jeong Sung-tae and Heo Jin-wook, experts from Samsung, adding that the demand for petrochemical products would fall around 10 percent.
In 2018, South Korea’s exports hit a record high, rising 5.5 percent on-year on the back of brisk sales of memory chips and petrochemical goods, according to the trade ministry. In December, however, exports skidded 1.2 percent from a year earlier, with those of semiconductors tumbling 8.3 percent on-year -- the first time since September 2016 that the chip market saw negative growth in exports.