S. Korea maintaining solid external soundness: senior official

By Kang Yoon-seung

SEOUL, Feb. 15 (Yonhap) -- South Korea is maintaining robust external soundness in the face of uncertainties, a senior government official has said during a meeting with global investors earlier this week in the United States.

First Vice Finance Minister Bang Ki-sun made the remark in the meeting in New York on Monday (U.S. time), according to the Ministry of Economy and Finance on Wednesday.

"The South Korean economy's external soundness remains robust, considering its strong foreign currency reserves, increasing net foreign assets, stable credit default swap premiums and high credit ratings," Bang was quoted as saying by the ministry.

Bang said while South Korea logged a trade deficit last year due to soaring global energy costs, its exports are expected to gradually rebound on the back of the recovery of the chip industry and the reopening of the Chinese economy. China is the biggest trading partner of South Korea.

South Korea's exports suffered a steeper on-year decline in January on weak demand for semiconductors. The country also suffered the largest-ever monthly trade deficit on high energy prices last month, deepening concerns over the country's economic growth momentum.

Bang also met officials from global credit appraisers, including Moody's Investor Service and S&P Global Rating.

colin@yna.co.kr
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