The Bank of Korea is warning that Donald Trump’s election as president of the United States will negatively impact South Korea’s export market.
On Thursday, Shin Seung Cheol, Director of the Economic Statistics Department, stated during a briefing on September’s balance of payments, “Donald Trump’s election will bring changes to trade and export conditions. Considering his campaign promises, it’s likely to harm exports.”
Shin explained that the Bank of Korea has been monitoring the election results as a source of uncertainty. Based on his campaign promises, we anticipate this could hurt South Korean export conditions.”
South Korea’s current account surplus reached $11.12 billion, marking the fifth consecutive month of surplus and setting a new September record. The cumulative current account surplus for the year through September rose to $64.64 billion, an increase of $47.89 billion from the same period last year. This increase is mainly due to exports rising to $61.67 billion, a 9.9% jump from the previous year.
Looking ahead, Shin stressed the need for a detailed analysis of how President Trump’s presidency will impact exports and other areas. He stated, “We will incorporate these factors into our economic forecast, which will be released in November.”
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