Korean exporters see worse conditions in 2013: poll
Published : 2012-12-12 19:59
Updated : 2012-12-12 19:59
Six out of 10 South Korean exporters expect their export conditions to worsen in 2013 due to a prolonged economic slump in advanced countries and the local currency’s ascent against the U.S. dollar, a poll showed Wednesday.
The survey of 204 major exporters, taken by the Federation of Korean Industries last month, found that 57.2 percent of the respondents said the export situation will aggravate in 2013. Only 12.3 percent said the export situation would get better next year.
The 204 companies export such key items as semiconductors, petrochemical products, cars, steel products and electronic appliances, according to FKI.
The FKI, the local lobby for conglomerates, said 32.1 percent said exports could grow less than 5 percent next year, compared with an average annual growth rate of 14.6 percent between 2010 and 2012.
The survey also showed that 52 percent said their profitability could slip next year and 46.7 percent said they can secure their profitability if the local currency stays between 1,100 won ($1) and 1,150 won. The local currency has gained 7.35 percent against the U.S. dollar this year. A stronger won usually hurts earnings of exporters by making their goods more expensive in overseas markets. (Yonhap News)