FX.co ★ South Korea Business Confidence Strengthens In May

Business sentiment in South Korea saw a slight improvement in May, achieving its highest level in a year and a half, as indicated by the latest survey from the Bank of Korea, released on Wednesday.

The Business Survey Index (BSI) for business conditions in the manufacturing sector increased to 74 in May, up from 73 in April. This marks the highest score since November 2022.

Additionally, the survey revealed an enhanced outlook for the second consecutive month, with the index climbing to 76 from 74.

Manufacturers reported growth in both export-oriented and domestic demands.

In the non-manufacturing sector, the business morale index rose by 3 points to 62, with the outlook for the same month also improving slightly to 72.

The Economic Sentiment Index (ESI), which combines the BSI and the Consumer Survey Index (CSI), stood at 93.8 in May, slightly down from 94.5 in the previous month.

This survey was conducted among 3,255 companies between May 9 and May 17.