S. Korea’s Q1 exports to improve backed by chips, automobile shipments: survey

SEOUL, South Korea’s exports are expected to improve in the first quarter of 2024 backed by improved shipment conditions for semiconductors, automobiles and smartphones, a trade body said Wednesday.

The Korea International Trade Association (KITA) said its export business survey index (EBSI) came to 97.2 for the January-March period next year, up from the 90.2 reading for the fourth quarter of 2023.

A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite. The survey was carried out on around 2,000 exporting companies.

KITA said it anticipates improved export conditions for semiconductors, automobiles and related components, as well as for smartphones and related parts for the period.

The association, however, expected negative export conditions for petroleum-related products in the first three months of 2024 due to factors, such as a decline in international oil prices and volatility in the foreign exchange market.

Source: Yonhap News Agency