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July 2019
July 9th 2019
EXPORT IS ONE OF THE MAJOR BOOSTER FOR GROWTH
Even if in 2019 growth will slightly down, remains very robust, thanks to export. Is expected a support in consumptions due to increase in public employment, minimum wage and social spending. Inflation is expected to be 2%, as targeted by Central Bank. Due to trade war US-China, Chinese demand for South Korean product will decrease a little in the semiconductors, the highest value export industry. Rising of labor costs could represents a threat if productivity doesn’t increase. Labor market is showing low female participation and relatively high unemployment rate around 10%. Corporate taxes remains highest in the Organization for Economic Co-operation and Development (OECD) at 30% but public debit is lower than OECD average. Strengths in Korean economy are related to an industrial base diversified, a leadership in electronics, a very successful education system, high public spending and at the same time investments all around Asia. On the opposite side, weaknesses are related to an increased competition with China in mainly in steel, shipbuilding and textiles, commodity import, high level of household debts, ageing population with high unemployment youth rate, despite very good educational system, relationship with North Korea unpredictable.
Source: COFACE
Top export destinations: Top import origins are:
1) China 25% 1) China 21%
2) US 12% 2) Japan11%
3) Vietnam 8% 3) US 10%%
4) Hong Kong 5.8% 4) Germany 4.2%
5) Japan 4.5% 5) Other Asia 3.8%
Source: https://atlas.media.mit.edu
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