Annual exports are predicted to fall by more than 9% this year and the trade deficit will exceed 35 billion dollars.
The Korea Institute of Economics and Industrial Trade (KIET) predicted in its report on ‘Economy and Industry Outlook for the Second Half’ that this year’s exports would decrease by 9.1% from last year, and that the trade balance would record a deficit of $35.3 billion. .
The Korea Institute of Economics and Industrial Trade explained that the rate of decline in exports in the second half is 5.2%, which will improve from 12.7% in the first half, but is unlikely to change the trend of decline.
In contrast, the government maintains expectations that exports will recover annually from last year as the semiconductor economy improves in the second half of the year.
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