InfoAnda - WRAPUP 1-S.Korea cuts 2009 export growth target to 51-yr low

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: WRAPUP 1-S.Korea cuts 2009 export growth target to 51-yr low Reuters - Thursday, April 16 * Exports in 2009 seen down 13.5 percent, most in 51 years ADVERTISEMENT * President Lee cautions over talk of early turnaround * March data suggests stabilising China but still weak U.S. By Yoo Choonsik SEOUL, April 16 - South Korea's government slashed its 2009 export growth target to a 51-year low because of the persistent global slump, and the country's president cautioned those betting on an early turnaround in Asia's fourth-largest economy. Exports this year would fall 13.5 percent due to the world economic crisis, the biggest drop since 1958, revising its January forecast of 1.1 percent growth, the Ministry of Knowledge Economy said. [ID:nSEV000688[ President Lee Myung-bak, who early this week had noted some positive signs in the economy, warned of untimely optimism and said it would take a long time before the country emerged from the downturn. Customs agency data showed the pace of decline in South Korean shipments to China moderated in March but that for the United States quickened, raising doubts among market participants that any rebound in demand from the giant neighbour would be sustained. "The revised export forecast reminds us that, whether or not the economy has bottomed, it will take a very long time for the economy to return to pre-crisis levels," said Ryu Seung-sun, an economist at HMC Investment and Securities. James McCormack, a senior official at Fitch Ratings, also told Reuters on Thursday the South Korean economy would continue to suffer from the fallout on demand from sluggish exports. [ID:nSEO21651] A FLEETING REVIVAL? Markets showed a muted reaction to the gloomy export prospects, although treasury bond futures dived after Finance Minister Yoon Jeung-hyun warned against further fund central bank cash injections. [ID:nSEO252099] Korea's Customs Service said the annual decline in exports to China slowed to 22.2 percent in March from an average 26.8 percent for the previous two months but that for the United States accelerated to 27.1 percent from 23.4 percent. [ID:nSEW000074] Analysts estimate about three-quarters of South Korean exports to China are re-exported to the United States, suggesting any recovery in foreign shipments can only be temporary without a rebound in demand from the world's largest market. President Lee's comments also underscored that the economy's bottoming would not mean an end to the crisis. "It's true that the South Korean economy is showing some positive aspects but I think is still near the middle point of a long tunnel," a statement from the presidential office quoted Lee as saying before a meeting of government officials and executives from export industries. [ID:nSEO241682] Government data showed on Wednesday that South Korea lost 195,000 jobs in March over a year earlier, the most in 10 years, as export-dependent manufacturers laid off workers to survive the worst global downturn in decades. [ID:nSEO170842] A spate of promising economic indicators in the past weeks and official pronouncements that the outlook has brightened compared with early this year convinced most investors that both the economy and interest rates have reached bottom. [ID:nSEO275969] [ID:nSEO323195] Data released in China and Japan on Thursday also suggested the continent's two largest economies were near bottom, although several analysts were not sure if they would rebound quickly. [ID:nPEK463870] (Additional reporting by Cheon Jong-woo; Editing by Jan Dahinten) Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Moldova's breakaway region asks Russia for loanReuters - Thursday, April 16 Schneider settles 3-yr Chint patent suit -XinhuaReuters - Thursday, April 16 Rallis Q4 net up 25 pct, sets 2-bln-rupee FY10 capexReuters - Thursday, April 16 Putin sees economy up in 2010, says FinMin "stressed"Reuters - Thursday, April 16 Crude stockpiles rose much more than expectedAP - Thursday, April 16 Most Popular – Business Viewed Police nab Norwegian pair during high-speed sex Bad mood, better recall, researchers find Obamas' new dog Bo takes a bow Harry Potter actor arrested over cannabis find UBS to cut 8,700 jobs after posting new losses View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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