S. Korean exports to U.S. may slip 12 pct on credit crisis, survey says

SEOUL, Oct. 5 (Yonhap) -- South Korean exports to the United States are expected
to fall about 12 percent in 2008 from a year earlier, as the deepening U.S.
credit crisis will likely weaken demand for cars and semiconductors there, a
private survey showed Sunday.

The Korea Chamber of Commerce and Industry, one of the nation's largest business
lobbies, said that among 300 exporters surveyed, a majority believed their
shipments to the U.S. will decline an average 11.8 percent this year.
According to the survey, 51.1 percent of the firms expect their exports to the
U.S. to fall, while 20 percent foresee little impact from the U.S. financial
turmoil. The remaining 28.9 percent gave no response.
The KCCI urged the government to "take comprehensive measures to cope with a
decline in exports to the U.S."
South Korean exports, the chief growth engine behind the nation's $980 billion
economy, have been significantly impacted by the U.S.-led global financial
crisis.
Although South Korea reported a 28.7 percent rise in exports year-on-year in
September, export growth to the U.S. slowed to 2.2 percent during that month,
compared with a six percent expansion for the same period last year.
The U.S. is South Korea's second-largest single overseas market after China.