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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S Korea faces challenge as global slump hits exports: president AFP - 51 minutes ago SEOUL (AFP) - - South Korea's export-driven economy is facing a massive challenge as the global economy goes into meltdown, President Lee Myung-Bak said Tuesday. He urged businesses to aggressively increase overseas shipments to help overcome the financial crisis that is gripping the world's biggest economies, adding that Seoul will provide support to bolster exports. "The global economy is mired in an unprecedented crisis," he said in a speech to mark the 45th Trade Promotion Day in Seoul. "With financial market uncertainties spreading to the real economy, our key export markets, mostly advanced countries, are expected to post negative growth next year. "A simultaneous slump of the global market poses a great headache to the Korean economy which is heavily dependent on exports," Lee said. He said his government was ready to offer trade financing and other administrative support to exporters in a "pre-emptive, sufficient and decisive manner." "It is very important for us to expand exports aggressively in order to overcome the current crisis," he said. South Korean exports slumped 18.3 percent to 29.26 billion dollars from the previous year, the largest fall in percentage terms since December 2001, as the global recession began to bite, the Ministry of Knowledge Economy said Monday. Imports fell 14.6 percent to 28.96 billion dollars last month, resulting in a trade surplus of 297 million dollars. Exports account for 48 percent of South Korea's gross domestic product (GDP), the total value of goods and services produced domestically, according to Samsung Securities. Samsung Securities also said in a report published on Monday that South Korea's exports would shrink 6.7 percent and domestic demand would decrease 3.0 percent next year, resulting in a 0.2 percent reduction in the country's GDP. South Korea is likely to miss its earlier target of a 4.4 percent GDP growth for this year, the central Bank of Korea said. 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: China's Economy Nikkei index tumbles after US plungeAP - 23 minutes ago After another sell-off, nations try again on credit crunchAFP - 33 minutes ago S Korea faces challenge as global slump hits exports: presidentAFP - 51 minutes ago Hynix says China JV stake sale to Numonyx delayedReuters - 52 minutes ago Related Articles: Business JGBs rise on Nikkei's slide, surge in TreasuriesReuters - 15 minutes ago Mining group Vedanta launches $250 mln share buybackReuters - 17 minutes ago TEXT-BOJ takes steps to ease firms' funding squeezeReuters - 18 minutes ago South Korean won down as econ worries hit sharesReuters - 18 minutes ago Boeing engineers, tech workers ratify contractsAP - 21 minutes ago Enlarge Photo S Korea faces challenge as global slump hits exports: president Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Saudi king says 75 dollar oil price 'fair' Love handles increase death risk: study World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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