South Korea’s exports are expected to improve in the third quarter, backed by positive conditions for shipbuilding and semiconductor companies, a trade body said Wednesday.
The Korea International Trade Association (KITA) said its quarterly Export Business Survey Index came to 108.4 for the July-September period next year, recorded above 100 for the second straight quarter.
A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite. The survey was conducted on 1,014 exporting companies.
KITA said it anticipates improved export conditions for high-value ships, such as liquefied natural gas and ammonia carriers. It also foresees a growth in chip exports thanks to a boom in the global artificial intelligence industry.
Additionally, exports of steel are expected to show a strong recovery compared with the previous quarter.
On the contrary, geopolitical tensions in the Middle East are expected to worsen the export conditions for petroleum products due to d
isruptions in the crude oil supply, KITA said.
Rising raw material prices and increased logistics costs were cited as the leading negative business factors for the surveyed firms.
Source: Yonhap News Agency