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Saturday, April 13 2024

Manufacturing Sentiment Rises on Positive Outlook in S. Korea

Sentiment Outlook In S K
Photo Credit : IANS

Seoul: South Korea’s business outlook for the second quarter reached an 11-quarter high thanks to positive outlooks surrounding semiconductors and cosmetic products, a poll showed on Sunday.

A survey of 2,230 manufacturing firms nationwide put the Business Sentiment Index (BSI) at 99 for the April-June period, up 16 points from the current quarter, the Korea Chamber of Commerce and Industry (KCCI) said.

It marked the index’s highest point since the third quarter of 2021, when it was recorded at 103, reports Yonhap news agency.

The BSI for exporters stood at 102 for the coming quarter, while that of domestic demand-focused businesses stood at 98.

The figure for semiconductors reached 114, as production and exports of related products significantly increased in line with the recovery in the global tech sector.

The readings for cosmetics and precision medical equipment were logged at 124 and 119, respectively, driven by popularity of South Korean beauty-related goods overseas.

Figures for steel and petrochemical businesses, however, remained below 100, as the sectors continue to face sluggish conditions due to weak domestic demand in China.

Most companies identified potential contraction of domestic consumption and instability in raw material and oil prices as significant risks that could affect their business performance in the first half of the year, the KCCI said.

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