For a country whose exports account for roughly half of its economic output, 2015 was a difficult year for South Korea, with overseas shipments declining for 12 months in a row.
A number of factors contributed to the export downturn, including the rise of the South Korean won against the Japanese yen, while its biggest trading partner, China, initiated a series of currency devaluations. Low global oil prices were also a major factor, hitting petroleum products which are a crucial export for Asia’s fourth largest economy.
According to Tuesday’s estimates, GDP growth in the fourth quarter of last year was half that of the previous three months, as a surge in property transactions fizzled out.