Chip, cosmetics exports lift business sentiment for Q4

A survey found stronger semiconductor and cosmetics exports improved fourth quarter outlook, though most firms expect profits to miss targets due to higher costs driven by energy prices.

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Export and import cargo containers are seen stacked at the Sinseondae and Gamman piers at Busan Port on Aug. 6.

Korea's business sentiment improved for the fourth quarter of this year on robust exports of semiconductors and cosmetics, a survey showed Sunday.

The business survey index for 2,413 manufacturing companies nationwide stood at 86 for the October-December period, up 6 points from the previous quarter, according to the Korea Chamber of Commerce and Industry.

A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark indicates the opposite.

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The index for the semiconductor sector posted a reading of 139 for the fourth quarter, the highest since the survey began, remaining above the benchmark for the fourth consecutive quarter.

The index for the cosmetics sector rose 20 points to 120, while that for the medical and precision equipment sector gained 28 points to 108.

Despite improving business sentiment, 60.4 percent of companies expected their operating profits this year to fall short of targets set at the beginning of the year, mainly due to higher production costs driven by elevated raw material and energy prices.


Yonhap

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