PM expects solid growth of exports to lead recovery of domestic consumption

Prime Minister Han Duck-soo said Sunday that exports continue to stably remain in positive territory, leading to expectations domestic consumption will recover over time.

Han made the remark during a meeting involving senior officials of the government, the ruling People Power Party and the presidential office, noting disparities remain in the pace of the recovery between sectors.

“In line with the increase in exports, companies’ profits will expand, and through wages and dividend payments, household incomes will improve and purchasing power will rise, contributing to an internal recovery, including in consumption,” he said, adding the government will focus on maintaining the positive export trend.

Exports, a key economic growth engine, rose 11.7 percent on-year to US$58.1 billion in May, the eighth consecutive monthly gain on the back of strong global demand for semiconductors, among other items, according to government data.

Source: Yonhap News Agency

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