NEWS BRIEF

[Anchor Lead]

South Korea’s exports and imports both posted record highs last year. According to Statistics Korea and the Korea Customs Service, exports jumped 25.8% to 643 billion dollars and imports 31.7% to 606 billion dollars in 2021. Statistics Korea attributed the growth to global oil costs pushing up commodity prices and a rise in demand due to relaxed COVID-19 restrictions.
According to Bank of Korea on Tuesday, expectations for inflation over the next 12 months among Korean consumers hit the highest level in about a decade, recording 3.3% in May, up 0.2 percentage points from a month earlier. The reading is the highest in nine years and seven months since October 2012. The central bank said expected inflation will likely continue upward for the time being as consumers feel the pinch of rising prices and uncertainties increase at home and abroad.
The Federation of Korean Industries says the June outlook of its business survey index conducted on 600 companies in terms of sales recorded 96.3 points. A reading above 100 means more firms are optimistic of business conditions in the coming month. A figure below 100 means pessimists outnumber optimists. The BSI has been below the benchmark for the third month since April. The federation said the poor outlook is due to rising raw material prices around the world and stagnation in major economies.