S. Korean retailers upbeat over Q3 biz outlook: poll

By Nam Kwang-sik
SEOUL, July 2 (Yonhap) -- A majority of South Korean retailers are optimistic
about business conditions in the third quarter thanks to improved consumer
sentiment and hopes of a rise in their sales, a poll showed Thursday.
The Korea Chamber of Commerce and Industry (KCCI) said, citing the outcomes of a
survey, that its retail business index shot up to 110 for the July-September
period from 75 for the second quarter. The survey of the 945 local retailers was
conducted in mid-June by the KCCI.
The index has risen above the benchmark 100 for the first time since the first
quarter of 2008. A reading above 100 means that optimists outnumber pessimists.
"The index rose sharply on the back of a combination of improved consumer
sentiment stemming from some positive economic indicators and expectations of a
rise in the sales to be brought on by seasonal factors," the KCCI said.
In particular, the index for discount stores and department stores soared to 106
and 102 in the third quarter from 67 and 69 in the previous quarter,
respectively, according to the the survey.
"The sharp rise in the index for discount and department stores was attributable
to a gain in the sales of durable goods such as home appliances and furniture and
an advance in the sales of sporting and leisure goods as summer has come," the
KCCI said.
South Korea posted a current account surplus of US$3.63 billion in May for a
fourth straight month, while the country's industrial output fell in May by 9
percent, marking the second straight month of single-digit decline after it fell
more than 10 percent on a year-on-year basis between November-March.
In late June, the Bank of Korea said the country's consumer survey index (CSI) --
a gauge of consumers' overall sense of their economic outlook, living conditions
and future spending -- rose to 106 in June from 105 from the previous month. A
CSI reading below 100 also means that pessimists outnumber optimists.
ksnam@yna.co.kr
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