South Korea needs to brace for turbulence as the perfect storm looms: Korea Herald

SEOUL - South Korea's economic indicators keep turning red but policymakers have been slow to come up with a convincing strategy to tackle the mounting problems.

During the January-August period, the cumulative current account figure stood at a surplus of US$22.52 billion , but it marked less than half of the surplus the country posted a year earlier. The shortfall illustrates the pernicious impact of high energy and commodity prices and supply chain tangles, as well as the losing momentum of exports. The on-year growth of exports slowed from 8.7 per cent in July to 6.6 per cent in August.

Samsung Electronics, the leading exporter of chips, saw its operating profit drop by more than 30 percent in the third quarter, sending shocks to both investors and analysts. The precipitous fall of Samsung's earnings reflects shrinking demand worldwide for chips in the face of a global slowdown. Equally worrisome is the country's foreign exchange reserves, which have been falling in recent months. The BOK said Thursday the foreign exchange stood at US$416.77 billion in September, down from US$436.43 billion a month earlier. The latest drop marked the biggest month-on-month fall since October 2008.

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