U.S.-China conflict hits S. Korean exports like 2008 financial crisis: BOK
- 5 years ago
한은 "미중 분쟁, 금융위기 때와 비슷한 흐름으로 수출에 악영향"
The Bank of Korea says that the U.S.-China trade spat has affected South Korea's exports to a degree similar to the global financial crisis back in 2008.
In its financial policy report for August, the central bank said the country's exports dropped more than 3 percent in May and more than 7 percent in June compared to a year earlier.
May was when the trade war escalated significantly.
The BOK said the export decline was caused by resulting global uncertainties, and that the impact was on the level of the financial crisis of 2008 and the IT stock bubble in 2000.
The trade row with Japan, it said, will be another factor.
On the same day, the BOK hinted at a possible rate cut this year if the situation gets worse.
The Bank of Korea says that the U.S.-China trade spat has affected South Korea's exports to a degree similar to the global financial crisis back in 2008.
In its financial policy report for August, the central bank said the country's exports dropped more than 3 percent in May and more than 7 percent in June compared to a year earlier.
May was when the trade war escalated significantly.
The BOK said the export decline was caused by resulting global uncertainties, and that the impact was on the level of the financial crisis of 2008 and the IT stock bubble in 2000.
The trade row with Japan, it said, will be another factor.
On the same day, the BOK hinted at a possible rate cut this year if the situation gets worse.