(MENAFN) South Korea's central bank said the country's exports are set to decline by nearly 2 percent this year, dragged by plunging oil prices and other external factors, Yonhap News reported.
In its latest outlook, the Bank of Korea (BOK) predicted the nation's customs-cleared exports to come to USD562 billion this year, down 1.9 percent from the previous year.
The country's outbound shipments are expected to shrink 3.6 percent in the first half of this year from a year earlier, and inch down 0.2 percent in the second half of this year.
The expected drop in this year's exports is feared to have a negative impact on the Korean economy, which is highly dependent on outbound shipments for its growth.
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