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Korea Business Confidence June 2024

Korea: Manufacturing firms’ outlook on business conditions improves in June

Manufacturing firms’ outlook on business conditions came in at 76.0 in June, up from May’s 74.0. June’s result marked the strongest sentiment since September 2022. However, the index remained entrenched below the 100-threshold, indicating sustained pessimism among consumers.

The uptick was largely due to a rosier outlook among export-oriented firms, against a backdrop of booming AI demand and an upcycle in the global electronics sector. Domestically-oriented firms’ outlook also improved, albeit to a lesser extent. Domestic sentiment lagged behind external sentiment, likely linked to historically high interest rates and price pressures at home.

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