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S. Korea to unveil measures to revive exports to China: source

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(Globalpost/GlobalPost)

By Koh Byung-joon

SEJONG, July 3 (Yonhap) -- South Korea plans to announce measures aimed at bolstering its exports to China "in the near future" amid worries that its shipments to one of the world's largest markets might be losing momentum, a government official said Thursday.

"We plan to unveil measures to bolster our exports to China either in July or August," a high-ranking official told Yonhap on condition of anonymity.

He said that the measures are aimed at reviewing and analyzing the latest Chinese market situations, and come up with countermeasures to tackle challenges confronting Korean exporters selling goods there.

The official did not give details about the measures, only saying they would not include such support as tax incentives and financial subsidies for local exporters.

The move comes amid concerns that South Korea's exports to China, one of its main trading partners, might be losing traction and eventually hurt the country's export-driven economy.

Earlier, the commerce ministry said that South Korea's first-half exports to China came to US$65.7 billion, up 0.6 percent from a year earlier. The on-year growth rate was far slower than the 10.1 percent gain tallied a year earlier.

China's exports accounted for 24.8 percent of South Korea's total overseas shipments during the cited period.

The ministry cited a possible slowdown in China's economy as one of the major risk factors confronting the country's exports in the months to come, saying that it will intensify its market monitoring.

The official said that the government recognized the risks and had planned to unveil related countermeasures last month but had to delay because of the protracted Cabinet reshuffle.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/140702/s-korea-unveil-measures-revive-exports-china-source