Biz outlook improves for 3rd month in June amid steady recovery in exports

Inport and export containers wait to be processed at a port in the southeastern city of Busan, April 1. Yonhap

Korea's business sentiment improved for a third consecutive month in June amid a steady recovery in exports, which offsets a slowdown in private spending, a central bank poll showed Wednesday.

Local companies' business sentiment index (BSI) stood at 74 for the coming month, up from 73 the previous month, according to the survey by the Bank of Korea.

The index measures corporate prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimists.

The central bank said business sentiment rose as exports are likely to continue their upward trend.

The BSI for manufacturers came to 76 for June, up 2 points from the previous month. The index for non-manufacturing firms remained flat at 72 over the same period, the data showed.

Korea's exports extended gains to seven consecutive months in April, buoyed by robust chip demand, with shipments of automobiles also setting a fresh high.

Outbound shipments increased 13.8 percent on-year to $56.2 billion last month, and imports gained 5.4 percent on-year to $54.7 billion last month, resulting in a trade surplus of $1.53 billion.

Korea has been maintaining a trade surplus for 11 consecutive months. (Yonhap)