As uncertainties driven by high oil prices and Japan's devastating earthquake raise anxiety, South Korean exporters see their businesses turn bearish in the second quarter, private sector data showed on Sunday. The findings by the country's top association of foreign trading firms said that exports in Asia's No 4 economy are seen growing in the April-June period but at a slower pace than in the current quarter.
The Korea International Trade Association said in a statement that its export business survey index for the second quarter fell to 105.4 from 116.3 in the prior quarter. A reading above 100 means companies expect their business activity to expand.
The data came days after the country's consumer sentiment plunged to the lowest level in nearly two years, which could cast a shadow on the central bank's tightening move to fight inflation. The association said that the biggest difficulties that South Korean exporters cited for the second quarter included soaring commodity prices and heightened volatility in the foreign exchange rate.
Comments
Comments are closed.