Technology

Manufacturing sentiment increases in South Korea due to positive chip and cosmetics outlooks

Seoul, March 31 (IANS) – South Korea’s business outlook for the second quarter is at an 11-quarter high, according to a poll which showed positive sentiment surrounding semiconductors and cosmetic products. The business sentiment index (BSI) for the April-June period was reported at 99, up 16 points from the current quarter.

The Korea Chamber of Commerce and Industry (KCCI) conducted a survey of 2,230 manufacturing firms nationwide, revealing the highest index since the third quarter of 2021. The BSI for exporters was at 102, while domestic demand-focused businesses stood at 98.

Semiconductors recorded a figure of 114, indicating increased production and exports in line with the global tech sector’s recovery. Cosmetics and precision medical equipment sectors also showed positive outlooks at 124 and 119, driven by the popularity of South Korean beauty products abroad.

On the other hand, steel and petrochemical businesses’ figures remained below 100 due to sluggish conditions caused by weak domestic demand in China. Companies identified potential risks such as domestic consumption contraction and instability in raw material and oil prices that could affect business performance in the first half of the year, according to KCCI.

Most companies are optimistic about the upcoming quarter, especially due to the growth in semiconductor and beauty-related industries. The positive outlook is bolstered by increasing production and exports, with risks such as domestic consumption contraction and unstable oil prices also being acknowledged as potential challenges in the next quarter.

IANS

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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