S. Korean exports forecast to recover in Q2

South Korean exports will likely recover in the second quarter of the year on the back of a mild upturn in the major economies such as the United States and China, a poll showed Monday.

The index measuring the country's exports for the coming months came in at 54.1 for the second quarter of the year, up 2.3 points from the previous quarter, according to the survey by the Korea Trade-Investment Promotion Agency (KOTRA).

The figure marked the highest result since the third quarter of 2011.

The index is based on a survey of 2,163 foreign buyers of South Korean products, jointly conducted by KOTRA and the Samsung Economic Research Institute, a private think tank.

A reading above 50 means a majority expect improvements in overseas shipments.

KOTRA said that the rosy export outlook is attributable to economic recovery in countries that buy South Korean goods.

By region, the index for buyers in Asia excluding China remained high at 60.2 for the current quarter, with those for China and North America standing at 55.8 and 59.1, respectively.

But the index for Europe hovered below the benchmark coming in at 48.1 due to the continued economic slump there. The index for Japan stayed low at 46.2 for the current quarter as the weakening yen may curb sales of Korean goods in the neighboring country, the report showed.

By sector, the index for the semiconductor industry showed the highest reading at 60.7, followed by the home appliance sector and the auto parts-making sectors with 60.3 and 59.5, respectively, according to KOTRA. (Yonhap News)