“Things are not so good,” said Jeong Tae-ki, the plant manager at steelmaker Posco’s factory in Pohang, eastern South Korea.
He was referring to the level of demand for Posco’s hot-rolled steel, but he could just as well have been talking about the global trade outlook. In the 18 months since US president Donald Trump launched a trade war, international commerce volumes have suffered — hitting export-dependent economies like South Korea.
In October, South Korea exports fell 14.7 per cent compared with the same month the previous year, the largest drop in nearly four years and 11th consecutive monthly contraction.
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