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S. Korean trade minister sees further drop in exports due to labor strike

All News 17:00 July 25, 2016

SEJONG, July 25 (Yonhap) -- South Korea's exports may continue to drop from a year earlier this month partly due to a series of labor strikes at major automakers, its trade minister said Monday.

While meeting with reporters in Sejong, Trade Minister Joo Hyung-hwan noted the country's auto output may be reduced by up to 16,000 cars this month due to partial walkouts held at leading automakers Hyundai Motor Co. and Kia Motors Corp.

"In the first half of the year, automobile production dropped 5.4 percent from the same period last year with the country's auto exports also falling 13.3 percent. It is sad to see production further drop due to labor strikes while the entire automobile industry is facing serious changes and global competition is ever growing," he said.

The minister added a cut in the number of working days from a year earlier in July, along with the negative impact from Britain's recent vote to exit the European Union, may cause a further dip in exports.

South Korea's exports have fallen every single month since the start of 2015, though the rate of drop recently slowed to single digit figures in May and June.

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