"Export Rebound in February This Year with 3.5 More Working Days Than Last Year Is Natural..."

[Sejong=Asia Economy Reporter Joo Sang-don] "Unlike last year, the Lunar New Year holiday falls in January this year, so the number of working days in February is higher. Naturally, the export performance in February is bound to be better than last year, but it seems the government is exaggerating this."

This is the assessment of an export industry insider regarding the government's confidence in the export rebound in February this year. While it is welcome that the 13-month consecutive decline in exports from December 2018 to December last year has stopped, excessive rosy interpretations should be approached with caution.

Last year, our exports amounted to $542.4 billion, down 10.3% compared to the same period the previous year. In particular, exports of semiconductors, one of our key items, decreased by 25.9%.

Earlier, the Ministry of Trade, Industry and Energy, the main government body in charge of exports, announced export trends in October last year and diagnosed that our exports had hit bottom. Subsequently, Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy forecasted that exports would rebound in February this year. In fact, the year-on-year export growth rate improved from -14.9% in October last year to -14.4% in November and -5.2% in December. From January 1 to 20 this year, it recorded -0.2%.

The government also cites the increase in working days as a major reason for the export rebound in February. The number of working days in February this year is 22.5 days, 3.5 days (18.4%) more than February last year (19 days). Experts say, "The export rebound in February is a natural situation," and point out that whether exports rebound for the entire year, including January, is important. The number of working days from January to February this year is 44 days, one day more than the same period last year (43 days).

An official from the Korea Institute for Industrial Economics & Trade advised, "It is necessary to review the results of the export revitalization policies implemented comprehensively last year and to seek additional support policies reflecting the policy needs of export companies that require continuous support," adding, "To diversify our export structure, which is concentrated in some items and markets, efforts should be made to expand exports in the Fourth Industrial Revolution and new industry sectors and to pursue industrial policy efforts."

This content was produced with the assistance of AI translation services.