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By Cynthia Kim SEOUL (Reuters) - South Koreas export growth slowed in February to its weakest in more than a year, government data showed on Thursday, showing the effects of a long Lunar New year holiday and a potential slip in overseas demand for Korean goods. The 4 percent year-on-year increase in exports was the slowest expansion since November 2016 and deeply underperforms a 22.3 percent jump in January, but was better than the median estimate for a 0.4 percent increase. Shipments were hit by fewer working days due to the change of the timing of the Lunar New Year. There were 19.5 working days in February this year, versus 22 last year. This slowdown is likely to be temporary, exports will continue to grow going forward on solid demand for Korean goods, said Kim Doo-un, an economist at Hana Financial Investment. Economists expect South Koreas exports to grow at a slower but steady pace in 2018 after 2017s bumper growth, reflecting a statistical base effect from last years strong performance and ongoing trade friction with the United States. Bank of Korea Governor Lee Ju-yeol said on Tuesday that the auto and steel industries could be hit hard if U.S trade curbs were to be further stiffened, because they run the biggest trade surpluses with the United States. The U.S. Commerce Department has recommended President Donald Trump impose steep curbs on steel imports, including those from South Korea, after slapping bigger taxes on washers and solar panels in January. Further wild cards will be the renegotiation of the Korea-U.S. Free Trade Agreement. How the talks unfold will affect export sentiment, said Kim at Hana. Trump has criticised the current U.S. trade deficit with South Korea, while South Korean President Moon Jae-in has said the Korea-U.S. FTA benefits both countries by expanding their trade. Imports jumped 14.8 percent in February from a year earlier, exceeding the 13.1 percent expansion seen in the survey. Annual import growth in January was 21.1 percent. (Reporting by Cynthia Kim; Editing by Eric Meijer) View comments
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