ID :
185425
Tue, 05/31/2011 - 01:12
Auther :
Shortlink :
https://oananews.org//node/185425
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S. Korea's manufacturing sentiment falls for June
SEOUL, May 31 (Yonhap) -- South Korean manufacturers' business confidence for June declined due to concerns that the local currency's gains may crimp the country's exports, the central bank said Tuesday.
The index of manufacturers' outlook on business conditions reached 97 for June, down from 100 for May, according to the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions for the coming month.
The sentiment index for June, the lowest in two months, fell below the benchmark 100 after it rose above par for the first time in eight months in May.
A reading below 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,472 companies conducted between May 17-24.
"The index declined partly because the won's ascent may dent manufacturers' exports and petrochemical makers regarded a sharp fall in raw material costs as a factor that will drive down the sale prices," said Lee Seong-ho, an official at the BOK.
The index measuring manufacturers' assessment of current business conditions reached 94 in May, down from 98 registered in April, the BOK said.
Local manufacturers picked gains in raw material prices, the local currency's ascent and still-weak domestic demand as the main difficulties in doing business.
A sub-index gauging the outlook for purchasing prices of raw materials came in at 127 for June, down from 139 for May, as oil prices sharply declined in early May, the central bank said.
The BOK maintained its 2011 growth forecast at 4.5 percent, but revised up the inflation projection to 3.9 percent this year from an earlier forecast of 3.5 percent.
The index of manufacturers' outlook on business conditions reached 97 for June, down from 100 for May, according to the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions for the coming month.
The sentiment index for June, the lowest in two months, fell below the benchmark 100 after it rose above par for the first time in eight months in May.
A reading below 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,472 companies conducted between May 17-24.
"The index declined partly because the won's ascent may dent manufacturers' exports and petrochemical makers regarded a sharp fall in raw material costs as a factor that will drive down the sale prices," said Lee Seong-ho, an official at the BOK.
The index measuring manufacturers' assessment of current business conditions reached 94 in May, down from 98 registered in April, the BOK said.
Local manufacturers picked gains in raw material prices, the local currency's ascent and still-weak domestic demand as the main difficulties in doing business.
A sub-index gauging the outlook for purchasing prices of raw materials came in at 127 for June, down from 139 for May, as oil prices sharply declined in early May, the central bank said.
The BOK maintained its 2011 growth forecast at 4.5 percent, but revised up the inflation projection to 3.9 percent this year from an earlier forecast of 3.5 percent.
