China and the US Drive South Korea’s Economic Expansion
Exports to China and the US are what drives Asia’s third largest economy. South Korea has ridden the demand to these two countries for about 10 years.
But there is evidence, things may be slowing down.
1. Korea’s services industries output had the smallest gain in a year.
2. Manufacturer’s confidence is down in July.
3. Hyundai, the nation’s largest carmaker, has had to back off on shipments of vehicles due to labor strikes. There are stupid unions overseas as well.
Korea’s exports rose in July, but not as much as was hoped, according to Bloomberg News.
Shipments were up 12.4% over July of last year…but the gain was the smallest in the past three months. Gee, golly…what a slow down, eh?
With America hungry for economical and quality cars…and China also sitting at the table at this Korean restaraunt, South Korea’s economy is likely to continue to grow for a while.
What do you think?
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