Finance minister expects Korea's exports to rebound as early as October

The Korea Times

The Korea Times

Finance

Mon, December 4, 2023 | 16:34

Economy

Finance minister expects Korea's exports to rebound as early as October

Posted : 2023-09-27 11:00

Updated : 2023-09-28 11:24

Finance Minister Choo Kyung-ho, center, who doubles as the deputy prime minister for economic affairs, poses with executives of SK hynix during a visit to the headquarters of the world's second-largest memory chip maker in Icheon, Gyeonggi Province, Sept. 27. Yonhap

Finance Minister Choo Kyung-ho said Wednesday that he expects Korea's exports to rebound as early as October, voicing hope of recovery in the nation's main growth sector.

"Exports will also turn to 'plus' in October or as late as November," Choo told reporters as he visited a production line of SK hynix in southern Seoul.

"Although uncertainties have been rising recently due to the hike in global crude prices and expanding volatility in the financial market, the overall recovery trend in the economy is being maintained," Choo said.

Korea's exports fell for the 11th consecutive month in August due mainly to weak demand for semiconductors and petroleum products.

Touching on the recent hike in the U.S. dollar, Choo said the Korean won is showing no abnormal movements compared to other currencies, but the government will take necessary measures should the market instability escalate.

Earlier in the day, Choo said the government will spare no effort to support the country's chip industry through tax cuts and other financial support amid the sector's downturn.

"The chip sector is the strategic and core industry for the Korean economy, responsible for 18.9 percent of exports and 41.5 percent of the manufacturing investment in 2022," Choo said. (Yonhap)

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