Korea says exports to U.S. will fall
By Staff -- Purchasing, 5/6/1999
South Korean exports of steel to the U.S. this year are likely to fall 19% to less than 3 million tons, as a result of rising domestic demand and a stronger Korean won, says Oh Young-Kyo, deputy minister for trade policy in the Ministry of Commerce, Industry, and Energy. As the Korean economy emerges from its worst recession in 45 years, Oh says the economy is expected to grow 2% this year compared to a 5.5% slump in 1998.The senior Korean trade official contends that last year's growth in Korean steel exports to the U.S. (to 3.65 million tons) was an aberration caused by the simultaneous strength in the U.S. economy and weak demand in Korea and elsewhere in Asia.
Oh tells the Bloomberg News Service that the Korean government expects shrinkage in total exports to the U.S. as Asia's economies begin a slow recovery this year and Korea's steel industry trims manufacturing capacity as part of a broader restructuring. Atop that, he says Pohang Iron & Steel Co., one of the world's biggest steel producers, will voluntarily reduce total production by about one million tons in 1999.
Talkback
Related Content
Related Content
Sponsored Links
View All Blogs
Now Playing:
