Finance Minister Choo Kyung-ho said Thursday South Korea's exports are expected to rebound this month, as recent data showed a positive sign in outbound shipments of semiconductors.
"It is highly likely for exports to post growth in October, considering various trends in the production and outbound shipments," Choo told reporters. "It is also certain that exports will increase in November."
Choo's remark came after South Korea's exports fell for the 12th consecutive month in September amid aggressive monetary tightening in major economies to bring inflation under control.
But September saw the smallest on-year fall in exports so far this year, decreasing 4.4 percent, raising hopes for an upturn in the coming months.
Choo also maintained a 1.4 percent growth outlook for Asia's No. 4 economy suggested by the government in July, when it cut the projection by 0.2 percentage point due to the weak performance in the first half.
"Overall, it is clear that the South Korean economy is in a better situation in the second half compared to the first," Choo said. "However, several uncertainties persist, including the prolonged high interest rates, economic deceleration in major nations, and the recent surge in oil prices."
Touching on inflation, the finance minister said the government will "proactively consider" extending a tax cut on fuel consumption for another two-month period amid the soaring global oil prices.
The government has been applying a 25 percent discount on the consumption of gasoline, and a 37 percent discount on the consumption of diesel, set to expire this month, in line with efforts to tackle inflation and ease financial burdens on the public.
Choo, meanwhile, also called for the National Assembly to promptly pass the so-called fiscal rule, which centers on capping the fiscal deficit at 3 percent of the country's gross domestic product.
Source: Yonhap News Agency