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A South Korean think tank says the country’s annual exports will hit a record high this year despite the protracted COVID-19 pandemic.
In a meeting arranged by the Ministry of Trade, Industry and Energy on Thursday, Hyundai Research Institute expected outbound shipments this year will jump 18-point-one percent on-year to 605-point-3 billion U.S. dollars.
The growth outlook surpasses the current record, 604-point-nine billion dollars, set in 2018.
In its previous outlook in October last year, HRI estimated the 2021 exports will amount to 564-point-three billion dollars.
The institute attributed its rosier outlook to recent export trends, as well as growing expectations for a swift recovery of the global economy.