Seoul: South Korea's industry ministry announced on Wednesday its plans to closely monitor the global trade environment amid rising uncertainties both domestically and internationally, following the inauguration of Donald Trump's second administration. The ministry expressed concerns about a temporary slowdown in exports in January, attributed to a global decrease in demand for information technology products, falling chip prices, and a reduced number of business days.
According to Yonhap News Agency, First Vice Industry Minister Park Sung-taek highlighted the impact of the Lunar New Year holiday, which this year falls in January, resulting in four fewer working days compared to the same period last year. This reduction in business days is anticipated to break the country's 15-month streak of export growth. Despite this, Park noted that the daily average volume of exports continues to show resilience.
Park emphasized the rapid changes in the business environment for exports following the new U.S. government administration. He assured that the government is committed to formulating an emergency export strategy to address the heightened uncertainties South Korea faces in the first half of the year. The strategy aims to include practical plans to support the nation's export sector.
On the preceding day, Industry Minister Ahn Duk-geun expressed concerns over the challenges expected in the first half of the year, citing "deteriorating export conditions for key items." The government remains vigilant in adapting to these evolving conditions to sustain its export performance.