S. Korea's economic slowdown continues on sluggish exports: Finance Ministry

정부, 넉달째 ‘경기 둔화’ 진단 "수출•설비투자 등 제조업 중심 둔화 지속"

For the fourth consecutive month the South Korean government is assessing that the domestic economy is in slowdown on slumping exports and investment.
Our Lee Soo-jin has more.

South Korea continues to grapple with a sluggish economy.
The Finance Ministry's economic greenbook released on Friday shows that the economy is losing steam largely due to sluggish exports.
This is the fourth consecutive month that the report has said there is a slowdown in the economy.
Exports in April plunged around 14 percent compared to the previous year to around 50 billion U.S. dollars, declining for the seventh straight month.
Out of the 15 major export items, only three ---ships, automobiles, and general machinery ---showed an on-year increase.
Semiconductors, the nation's key export item, plunged 41 percent compared to the previous year.
The country has been battling a trade deficit for 14 consecutive months as exports continue their downward trend.
The employment rate among those aged 15 and above stood at more than 62 percent, up 0-point-6 percentage points on-year last month.
This was largely driven by the rise in employment in the service industry such as the food and accommodations sector with the lifting of Covid-19 restrictions.
Employment in the manufacturing industry, however, was hit hard by the sluggish chip sector, dropping nearly 10 percent last month.
Facility investment in March also dropped 2-point-2 percent compared to the previous month as investment in transportation equipment fell nearly 10 percent.
The nation's current account surplus, however, came to 270 million U.S. dollars in March, and April's current account is also expected to show a surplus.
Domestic demand is also showing signs of moderate recovery.
Retail sales, an indicator of private spending, rose 0-point-5 percent on year with the increase in tourists from China.
The number of Chinese tourists that visited South Korea last month soared by more than 1-thousand percent compared to a year ago.
There's also some positive news when it comes to inflation as the nation's consumer price growth slowed to 3-point-7 percent in April, falling below 4 percent for the first time in 14 months.
The government plans to focus on implementing economic policies that will improve exports, investment, and domestic demand.
Lee Soo-jin, Arirang News.

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2023-05-12, 12:00 (KST)