7-13 December, The Korea Development Institute lowered its outlook for Korea's economic growth for this year and next.

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1 Weekly Korea Economic Digest 7-13 December, 2015 Office of Commercial Affairs, Seoul KDI Lowers Economic Growth Outlook <The Chosun Ilbo December > The Korea Development Institute lowered its outlook for Korea's economic growth for this year and next. The state-run think tank suggested that the government should consider fundamental reforms such as restructuring for further economic growth as its short-term strategies have nearly run out. In its report for the second half of this year released on Wednesday, the KDI lowered its growth estimate of Korea's GDP from 3 percent to 2.6 percent and next year's economic growth outlook from 3.1 percent to 3 percent. This is lower than what the government predicted, which is 3.1 percent for this year and 3.3 percent for next year. KDI said weak exports amid a global economic slowdown have continued to weigh down the economy despite a gradual recovery in domestic consumption. Thai Trade Center, Seoul s Comment: Due to the economic slowdown, South Korea s total import from the world between January to October this year decreases by 16.56% with value of 367,358 Mil.USD. while import from Thailand falls by 8.09% with value of 4, Mil.USD. however Thailand s share in import market here expands from 1.02% to 1.12% Y-o-Y Office of Commercial Affairs, Seoul Page 1

2 More S. Koreans Turn to Mobile for Online Shopping <KBS World Radio December 11, 2015> An increasing number of South Koreans now turn to their mobile devices when shopping online. Online retailer 11Street said Friday that half of the products it sold last month were ordered via mobile phones. An 11Street official said it was the first time mobile sales equaled personal computer sales for all products, although the transition occurred for some products early this year. Online retailer Gmarket also said its mobile sales surpassed 50 percent last month. Social commerce operator Ticket Monster (TMON) said as much as 78 percent of its revenue last month was mobile based. An official of an online retailer said that mobile orders have increased sharply this year thanks to the development of technologies that optimize one-stop payment systems on mobile platforms. Thai Trade Center, Seoul s Comment: South Korea has the world s highest rate of mobile penetration in the world, with over 70% of population own mobile, compare to around 50% in USA, Australia and UK. Sales of goods purchased through mobile devices is about 9.8 billion USD in TTC Seoul is exploring the possibility to utilize E-Commerce and M-Commerce as the new distribution channels for Thai products in South Korea. S.Korea-EU FTA comes into full force <Maeil Business News December 13, 2015> South Korea s free trade agreement (FTA) with the European Union (EU) has come into full force starting Sunday after more than four years the trade pact provisionally took effect. Office of Commercial Affairs, Seoul Page 2

3 According to the Ministry of Trade, Industry and Energy on Friday, the South Korea-EU FTA would go into full effect from Sunday, implementing also non-tariff clauses related to the protection of intellectual property rights and boosting cultural cooperation. The full implementation of the trade agreement comes four years and five months after the agreement went into effect on July 1, Tariffs were immediately removed, but some aspects were left unimplemented. Meanwhile, the full implementation of the trade agreement with the EU is expected to boost cultural exchange between artists, cultural professionals and performers, as well as development in audio-video content and broadcasting ties. It will also improve partnerships in performance arts, publishing and preserving cultural assets. With regard to intellectual property rights protection, measures call for criminal punishment such as property seizing and imprisonment for those that intentionally forge trademarks, violate copyrights and neighboring copyrights, as well as counterfeit designs. Further details on penalty measures have not been included in the agreement as criminal penalty regulation varies by each EU country, the trade ministry said. Thai Trade Center, Seoul s Comment: Even though, most of the products the South Korea currently imports from EU are not overlapped with those from Thailand, one of the concerned items for Thailand is particle board. Last year Thailand s particle board occupied over 70% of total import market here, however Romanian particle board has expanded into this market in 2015 and now has the market share of 19% while Thailand s share drops to 64%. It is crucial for Thailand to push for CEPA with South Korea or need to achieve multilateral FTA such as RCEP which will help to maintain the competitiveness of Thai products in South Korea. Some Imported Snacks Have Higher Fat Than Labeled <The Chosun Ilbo December > Nine out of 60 imported snacks have more fat than indicated on the label, a survey by the Korea Consumer Agency shows. Eight of the nine products were imported from Asian countries. Office of Commercial Affairs, Seoul Page 3

4 The biggest difference was found in Ritz crackers made in Japan. The label said the crackers contain zero saturated fat, but there were actually more than 12 grams per serving. Others included Coffee Joy from Indonesia, which had more than four grams of saturated fat instead of the labeled zero, and Doowee Donut from the Philippines with around one gram of trans fat instead of zero. Confectionery imports in Korea amounted to around US$400 million as of A "zero trans fat" label is only permitted here for products with less than 0.2 grams of trans fat. The consumer agency noted that there's a need to strengthen labeling regulations for imported foods. Trade surplus reflects economic slump <The Korean Times December 7, 2015> Korea registered the fifth-largest trade surplus among the G20 countries in the third quarter. According to the OECD quarterly trade report Sunday, the nation's trade surplus amounted to trillion won ($20.9 billion) in the July-September period, the fifth largest among the world's 20 largest economies. China recorded the biggest black-ink figure in foreign trade with $154.3 billion, followed by Germany with $71 billion, Russia with $31.2 billion and Saudi Arabia with $23.6 billion. The United States topped the list of countries registering trade deficits, with $184.7 billion, and Japan's trade balance was also in the red, to the tune of $9.1 billion. Ministry of Trade, Industry and Energy officials said the nation had recorded a trade surplus for 46 consecutive months in November with the accumulated surplus figure hitting a record high. Office of Commercial Affairs, Seoul Page 4

5 They said the problem was that the surplus was due less to an increase in exports than to a fall in imports, reflecting Korea's prolonged business slump. Korea's foreign trade had been in negative territory for four straight quarters, the OECD report said. China's protracted business slump and interest rate hikes by the U.S. are darkening export prospects for 2016, too, which explains why the government is going all out to boost domestic demand by cutting excise tax and encouraging the Korean version of Black Friday discount marketing. The Ministry of Strategy and Finance is expected to soon unveil its economic management plan for next year, along with a mid- to long-term growth strategy. Korea's import, export prices drop at faster rate in Nov. <Korea Herald December 11, 2015> South Korea's export prices continued to slip at a fast rate in November largely due to a sharp cut in raw material prices, the central bank said Friday. Export prices, in local currency terms, dropped 8.6 percent on-year last month, quickening from a 6.2 percent cut in the previous month, according to preliminary data from the Bank of Korea. "Export prices in November dropped 1 percent from the previous month due to a cut in prices of home appliances, coal and petroleum products," the central bank said in a press release. Prices of coal and petroleum products plunged 36.7 percent from a year earlier last month, it added. In November, the South Korean won traded at 1, against the U.S. greenback on average, compared with 1, won per dollar in the previous month. Import prices also continued to drop at a fast clip, plunging 15.6 percent on-year in November. The fall was again attributed to a large cut in global oil prices. Office of Commercial Affairs, Seoul Page 5

6 The BOK said the average price of Dubai crude, which accounts for some 80 percent of South Korea's total oil imports, dropped 9.2 percent from the previous month to $41.61 per barrel in November. From a year earlier, it marks a 46-percent plunge. Office of Commercial Affairs, Seoul Page 6

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