S. Korea's export sentiment hits record low for Q1 of next year

SEOUL, Dec. 26 (Yonhap) -- Export sentiment in South Korea sank to its lowest-ever level for the first quarter of next year as the deepening global downturn weakens demand for goods, a survey showed Friday.

The export business sentiment index dropped to 33.4 for the January-March period
next year, compared with 82.8 in the current quarter, a research unit of the
Korea International Trade Association (KITA) said in its survey of 802 exporters.

The index touched its lowest level since KITA began conducting the quarterly
survey, it said.
A reading below 100 means the number of companies forecasting exports will
deteriorate outnumbered those expecting improved export figures.
South Korea's export-driven economy has been hit hard by the U.S.-sparked
economic slowdown. Exports account for about 40 percent of the nation's gross
domestic product.
The survey also found that 52.5 percent of the respondents expect the "grim
economy" to continue for more than a year.