Korea’s export economy is prospected to show an indication of stable recovery, focusing on ship and etc.

Institute for International Trade of Korea International Trade Association (KITA) announced on December 30 that Export Business Survey Index (EBSI) for 2014 had recorded 102.9 after a survey of 958 domestic export enterprises. If the index passes 100, it means there are more enterprises positive about economy comparing with the previous quarter than those which are not. The index recorded 101.8 in the previous quarter.

According to the weather chart of the first quarter of 2014, by exported item, it is expected to be sunny for computer (128.6), ship (125), home appliance (116.7), chemical industry product (115.1) and car (114) while it is said to be cloudy for marine product (82.4), rubber and leather product (90.9), agricultural product (91.7), optical instrument (92.7) and petroleum product (93.3).

Also, export-related EBSIs tell that export consultation (116.3) and contracts (112.8) are prospected to grow as well as operation rate of facilities (103.3).

However, the prospect was dark for export profitability (65.4), unit cost of export (70.9) and manufacturing cost (75.3).
As for ship export, it was anticipated that its export conditions would get gradually better thanks to recovery of global economy, vessel overcapacity and so on.

Driven by gradual economic recovery of EU, major export market, Korea is projected to experience favorable status in sectors of export consultation (109.5 in the fourth quarter of 2013 → 150 in the first quarter of 2014), export contract (104.8→135) and international demand and supply situation (109.5→130). In addition, export profitability (76.2→90) and financial condition (81→115) are also forecasted to improve. However, slow economic condition in importing countries, rising prices of source material and etc. are considered as difficulties for export in the first quarter of the new year.