Domestic Export Companies Say "Q4 Exports Will Be Similar to Q3"

Results of the Korea International Trade Association's "Export Industry Business Outlook Survey" on the 20th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] There is a forecast that the export conditions for domestic export companies in the fourth quarter will be similar to those in the third quarter.

According to the 'Export Industry Business Outlook Survey' released on the 20th by the Korea International Trade Association's International Trade and Commerce Research Institute, the Export Business Survey Index (EBSI) for the export industry in the fourth quarter of this year was 100.2. When the index is around 100, it means that export conditions are expected to remain at the same level as the previous quarter. This survey was conducted on 1,010 domestic export companies.

By industry, petroleum products and semiconductors showed a recovery trend as exports to China increased in the second half of the year, while general consumer goods such as home appliances and textiles are expected to face relatively unfavorable conditions.

Companies cited the economic downturn in export destination countries as the biggest difficulty in exports. In addition, responses regarding the rise in raw material prices increased as raw material prices, which had sharply fallen due to the novel coronavirus infection (COVID-19), rose again.

Kang Sung-eun, a researcher at the Trade Association, said, "Uncertainty about the export economy has increased due to the resurgence of COVID-19," adding, "The speed of economic recovery is expected to vary depending on factors such as the U.S. sanctions on Huawei, the resurgence of COVID-19, and the progress of vaccine development."

This content was produced with the assistance of AI translation services.