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Q3 export sentiment hits record-low since Q1, 2009

Business conditions for South Korea’s exports will continue to stagnate in the third quarter (Q3) of this year due to euro-zone financial problems and China’s economic slowdown, a poll recently showed.

The export business survey index(EBSI) came at 87.5 for the July-September period, the lowest level since it record 66.1 in Q2 of 2009, based upon a survey of 964 local companies by the Korea International Trade Association (KITA).

The latest number shows that the EBSI has fallen below the 100 mark for Q4 in a row, meaning that pessimists outnumber optimists. The survey also showed that shipbuilding and petrochemical exporters have the gloomiest outlooks for the quarter with their index numbers reaching 57.1 and 66.7, respectively.

Of the companies surveyed, 22.7 percent said decreasing demand in Europe and China would pose difficulties for them, while 19.6 percent said a rise in raw material prices will likely pose the biggest problem for them in the coming months.

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