Posted on December 28, 2022

The decline in global freight prices is severely affecting South Korea’s overseas trade expectations. S Korea heavily depends on overseas trade and 99 per cent of exports travel by sea freight. The country is expected to have 42.9 per cent fewer global orders in 2023 than in 2022, according to an Export-Import Bank of Korea (KEXIM) report released last month.
The decline in exports and production rates is also hampering the country’s job security.

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