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S. Korea's export hits quarterly record low

(Xinhua)
Updated: 2008-12-26 11:28

SEOUL -- South Korea's export sentiment for the first quarter of next year dropped to a record low amid deepening global downturn, showed a survey released by Korea International Trade Association (KITA) on Friday.

Related readings:  Across Asia: Republic of Korea  China, S.Korea, Japan vow to cement cultural ties  Heavy snow hits South Korea  S. Korea's trade deficit with Japan exceeds $30B

According the survey of 802 South Korean exporters, the export business sentiment index dropped to 33.4 for the January-March period in 2009, down from 82.8 in the current quarter.

The South Korean economy, which exports account for about 40 percent of the nation's gross domestic product, has been hit hard by the US-sparked economic slowdown.

The export business sentiment index below 100 indicates that the number of companies forecasting exports will deteriorate outnumbered those expecting improvement.