Korea's consumer sentiment drops to 1-yr low in April

Published : Apr 25, 2018 - 09:42 Updated : Apr 25, 2018 - 09:42

South Korea's consumer confidence dropped for five months in a row to hit a one-year low in April due mainly to a possible US-China trade row and a strengthening local currency, a central bank poll showed Wednesday.

The composite consumer sentiment index for this month stood at 107.1, down 1 point from the previous month, according to the survey by the Bank of Korea.

The index has been on a steady decline since touching a seven-year high of 112 in November and has reached the lowest level since April last year when it hit 100.8.

(Yonhap)

But the BOK said it is still higher than the long-term average of 100, as a reading above 100 means optimists outnumber pessimists.

An intensified US-China clash on trade issues, which recently seems to have subsided to some extent, dampened South Koreans' sentiment, while they also worried that the rapid appreciation of the Korean won may drag down the country's exports.

The BOK said its index measuring people's sentiments regarding current economic conditions fell one point to 86 in April.

In addition, an index measuring the public's feelings toward economic conditions over the next six months slid to 96 from 97 over the cited period.

The latest monthly index is based on a survey of 1,968 households throughout the country conducted from April 10-17.(Yonhap)