By Kang Yoon-seung
At a parliamentary session on Tuesday, Finance Minister Choo Kyung-ho declared that South Korea’s exports are anticipated to experience a full-fledged recovery in September, despite a possible trade deficit in August. The country’s exports have been declining for the past 10 months, mainly due to weak demand for semiconductors, but the nation reported a trade surplus for two consecutive months. Choo further noted that the economy is expected to expand twice as fast in the second half of the year compared to the first half.
The minister asserted that the country is not heavily impacted by China’s housing crisis, as its exposure to the real estate issue in the country is minimal. However, Choo emphasized that the government will remain vigilant, taking into account that China consists of approximately 20 percent of the world’s economy.
Finance Minister Choo Kyung-ho speaks during a session at the National Assembly in Seoul on Aug. 22, 2023. (Yonhap)