갤노트7 사태에 휴대폰 수출 급감
Following Samsung's announcement to suspend production of its flagship Galaxy Note 7, shares tumbled and Samsung cut its quarterly profit.
And today, according to report by the Trade Ministry, Korean exports fell over 30 percent in Oct on-year.
What's the future of Samsung?
Kim Hyesung has the analysis.
After a global recall apparently failed to fix the Galaxy Note 7's fire problem, Samsung Electronics on Tuesday made the dramatic move to scrap production.
The following day, the tech giant slashed its third-quarter profit estimate by a third, or some two billion U.S. dollars, adding to concerns about the reputation of its brand and its long-term outlook.
Credit rating agencies Fitch and S&P had somewhat differing views on Samsung's future.
Fitch sees the Note 7 fiasco's damage to Samsung's reputation as a threat, while S&P focused more on how Samsung manages the release of its new Galaxy phone.
But both said the world's largest smartphone maker has plenty of liquidity and a healthy balancesheet to withstand the crisis, and neither changed its ratings.
Nonetheless, Samsung accounts for 20 percent of Korea's exports... which in total are worth about 530 billion U.S. dollars, meaning its troubles could have quite an impact on the Korean economy.
A report from the trade ministry Thursday showed the nation's ICT exports in September tumbling 8 percent on-year to 14 billion dollars and smartphone exports dropping by over 33 percent to 1.8 billion dollars.
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"Samsung's Note 7 crisis was not the root cause of last month's fall in exports, although you could say that it added to a downward trend; Korean exports, particularly ICT, had already been declining for several months. The Note 7 crisis is unlikely to affect Samsung's other products like appliances or displays."
As part of damage control, Samsung has started to provide refunds and exchange the Note 7 for other models.
But with a more uncertain future, it'll be key for Samsung to get to the bottom of the Note 7's battery problems and ensure a successful release of the Note 8 next year.
Kim Hyesung, Arirang News.
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