South Korean manufacturers’ business sentiment soared to a two-year high, largely buoyed by optimism about a fast rebound of the tech industry, data showed July 11th.
The business survey index (BSI), compiled based on a survey of 1,034 manufacturers, showed an overall market forecast of 97 for the April-June period, the Korea Institute for Industrial Economics and Trade (KIET) said. The corresponding number for sales stood at 100.
A BSI larger than 100 means that optimists outnumber pessimists.
The figures hit the highest levels since the index was reorganized in the third quarter of 2019. The numbers represent a five- and nine-point increase from the previous three-month period.
The outlook for domestic demand stood at 99, swinging to an increase from a quarter ago. The forecast for exports rose to 102, advancing for four straight quarters.
Among key industries, the BSI for semiconductors stood at 107 for the second quarter, with that for general machinery, petroleum, chemicals, steel and secondary batteries also above the 100 mark.
In contrast, the sentiment for displays, autos, shipbuilding and textiles remained low at 87.