The leading indicator of Korean exports was known on October 10 to stand at 51.9 in Q3 this year, down 3.9 points from the previous quarter. A reading above the benchmark 50 points means that optimists outnumber pessimists.
The indicator was based on a survey conducted jointly by the Korea Trade-Investment Promotion Agency (KOTRA) and the Samsung Economic Research Institute (SERI), targeting 2,336 foreign buyers and local companies’ employees residing in foreign countries.
Meanwhile, the index measuring economic conditions in destinations of Korean products fell to 50.9 for Q4, down 2 points from the previous quarter.
By industry, exports of autos, auto parts, home appliances, and steel are expected to keep an upward trend in Q4, while those of semiconductors, LCDs, computers, oil products, machinery and textiles are forecast to be sluggish.
By region, the figure for the EU hovered above the benchmark 50 for Q4 for the second consecutive quarter, signaling that the European economy is rebounding.
In China and the North America, the numbers were 54.7 and 54.4, respectively, showing that Korean exports to the two regions will still be strong in near future.
The survey predicts Korean exports will likely slow down in Q4 this year, mainly due to worsening export conditions amid the weaker global economy.