SEOUL- South Korean manufacturers expected business conditions to deteriorate in July to the worst in one-and-a-half years, a central bank survey showed on Thursday.
The Bank of Korea’s seasonally adjusted manufacturing business outlook index fell to 82 points in July from 85 in June, hitting the lowest since January 2021, the survey showed.
The index stood just above a long-term average of 81.
The index for the non-manufacturing sector fell to 80 in July from 85 in June, hitting its lowest since August 2021, but still standing above a long-term average of 77.
The survey was conducted between June 15-22, and 1,653 manufacturers and 1,147 non-manufacturing firms participated.
South Korea’s exports for the first 10 days of June shrank 12.7 percent from the same period a year before, customs agency data showed on Monday.
The country’s imports grew 17.5 percent, however, bringing the trade balance to a $6 billion deficit for the period. — Reuters
