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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea Oct export growth misses f'cast Reuters - 1 hour 30 minutes ago SEOUL, Nov 3 - South Korea's export growth in October fell to a 13-month low and missed market expectations, data showed on Monday, adding to concerns that a global economic slowdown is denting the country's overseas sales. Demand for goods from Asia's fourth-largest economy is expected to slow down further as the world economy is likely to shrink amid the lingering financial crisis, economists said. That may cause South Korea's central bank to cut interest rates further to prevent a sharper economic slowdown, they added. "The figure showed that the global economy is shrinking quicker than feared and that will hit exports harder." said Kim Jae-eun, an economist at Hana Daetoo Securities. "That will lead an interest rate cut by the Bank of Korea on Friday," she added. Investors are also keeping an eye on October inflation data due later in the day. The median forecast from a Reuters poll was for the annual inflation rate in October to fall to 4.9 percent from 5.1 percent in September. Exports in October grew 10.0 percent from a year earlier, the slowest since September 2007 when the country's overseas sales fell 1.1 percent from a year ago, the Ministry of Knowledge Economy said in a statement. That missed a 14.4 percent growth forecast by a Reuters poll of 11 economists and compared with a 28.2 percent annual rise in September and a 18.2 percent gain in August. The data came ahead of a scheduled interest rate-setting meeting on Friday by the Bank of Korea. The central bank last week cut its policy rate by a record 75 basis points in an emergency meeting to fight an economic slowdown. For the first 20 days of March, exports to China, South Korea's biggest market, fell 1.8 percent from a year ago, slowing from a 15.5 percent rise in whole of September. Sales to the European Union slid 8.2 percent during the 20 day-period, after rising 26.7 percent in September. Imports in October also grew by the slowest in 13 months as oil prices eased, which helped the country post its first trade surplus in five months, the Ministry of Knowledge Economy said in a statement. October's imports grew 12.0 percent from a year ago, the slowest annual growth since September 2007 when imports fell 1.6 percent. It also missed a 16.5 percent rise forecast from the Reuters poll and compared with a 45.8 percent surge in September and 36.4 percent growth in August. With a slower growth in imports, South Korea posted a $1.22 billion trade surplus in October, the first surplus since a $701 million surplus in May this year. The country posted trade deficits in eight months of the year. The ministry said it expected South Korea to continue to post monthly trade surpluses for the rest of the year as weaker oil and raw material prices are likely to offset slowing export growth. The government has forecast South Korea would report its first annual trade deficit this year since the 1997 Asia financial crisis. South Korea is the first big Asian economy to report foreign trade data each month, providing clues on global merchandise demand for the rest of Asia. The data was released before South Korea's financial markets opened on Monday. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business China should pursue stable monetary policy-lawmakerReuters - 45 minutes ago Seoul shares open higher, but banks continue fallsReuters - 53 minutes ago S.Korean won down 2 pct on weak export dataReuters - 57 minutes ago Mt Gibson raising cash after customer defaultsReuters - 57 minutes ago HKMA says injected HK$2.813 bln into market FriReuters - 1 hour 17 minutes ago Most Popular – Business Viewed Obama and McCain hurtle into final 48 hours Australian F1 race posts record financial loss Hamilton pips Massa to Formula One title in tense Brazil finale Australia anxious as Indonesia prepares to execute Bali bombers Hamilton says he is not feeling the strain View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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