South Korea's export index for Q2 surges

(AP)

South Korean exporter sentiment rebounded in the second quarter despite worries about fiscal problems in Europe and the fading effect of global stimulus spending, a survey by a leading industry body showed yesterday.

The Korea International Trade Association said in a statement that its export business survey index for the April-June 2010 period rose to 128.4 from 112.4 in the first quarter.

That compared with 131.5 for the past three months of 2009 and 108.5 for the third quarter of last year. A reading above 100 means the sector's business activity would continue to expand.

The latest figure comes amid growing concerns since the start of the year that global demand is losing momentum, with some economies taking steps to tighten monetary policy.

The Bank of Korea had been tipped last year as one of the first Group of 20 central banks to raise interest rates after the global recession but more recently its cautious views have suggested it would leave rates unchanged for some time.

 

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