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South Korea business sentiment stagnates amid sluggish exports

South Korea’s business sentiment index remains at 73 for October, reflecting unchanged sentiments from September, as per the Bank of Korea survey. The index, which gauges corporate prospects for upcoming business conditions, indicates a predominance of pessimism with a reading below 100. This stagnant sentiment is attributed to continued declines in overseas shipments of crucial export items like chips and cars. The manufacturing sector’s sentiment index saw a decline, moving to 67 for October, reflecting a 2 point drop, while non-manufacturing firms saw a one point increase to 77. This stagnation comes amid South Korea’s ongoing struggle with declining exports and weakened private consumption, marking the 11th consecutive month of reduced overseas shipments.

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