According to data recently released by the Bank of Korea, South Korea’s composite consumer sentiment index (CCSI) for June deteriorated 2.4 percentage points from the May reading to 105.5, lowest since 100.8 in April last year.
The last time consumer sentiment soured so abruptly was in November 2016 following the legislative impeachment on sitting Korean president Park Geun-hye.
The index just managed to stay above the 100-threshold. A number beneath it means consumers are more negative than positive about the economy. After deteriorating for five months in a row, sentiment briefly improved last month amid expectations for eased geopolitical risk and revived inter-Korean economic ventures following the South-North Korea summit.
The indices measuring present sentiment for the economic conditions and outlook for the economy in coming months fell 5 basis points respectively to 84 and 96.
The worsening sentiment, which can further dampspending and domestic demand, and job data, as well as uneasiness on the external front due to escalated trade conflicts among economy majors of the U.S., China, and Europe, will likely to put the Bank of Korea in a greater bind. The bank has stayed pat on its rate at 1.50 percent despite increases in the U.S. Federal Reserve but cannot put off tightening any longer due to widening gap. The survey for this month was conducted from June 11 to June 18 on 2,200 households across the country, of which 1,958 households responded. (Source:KITA)
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The Genesis brand was up 7.4% year-on-year to 5,843. The G80 decreased by 10.6% to 3,618 units, while the EQ900 fell 28.8% to 992 units. The G70 sold 1,233 units leading the sales momentum.
down 24.0% from a year earlier, while G4 Rexton sold 1,541 units, up 410.3% along with 288 Korando Cs and 286 Korando Turismos.
program, which extends the warranty period to guarantee the used car values. Spark jumped 5.0% MoM to 2,518 units, and Cruise rose by 141.9% to 566 units. Captive delivered 138 units to customers, up 56.8% from February, while Orlando increased 20.0% to 438. However, Malibu dropped 21.7% to 909 units and Trax dropped 4.3% to 707 units. Damas and Labo sold only 285 and 351 units respectively. With more than 5,000 units pre-contracted, Bolt EVs started a full-scale delivery with the sales of 160 units in March.
Even in the advanced markets such as the USA and France, where there are no companies within the global top 10, Korean products have a good reputation for their cost-effectiveness and installation technology. Eastern Europe, India, Thailand, and Brazil are also emerging as new sources of demand despite relatively small market sizes at present, anticipating an annual growth of more than 20% by 2020. However, there is only a limited potential for entering into Japan and Germany where robotic technology for manufacturing is the most advanced.
Hwang Kwang-soo, Director- General of the Export Cooperation Department at KEPCO, attended the MOU signing and explained, “We hope that this project will improve the overall performance of electric power facilities in power stations in Cambodia by using high-quality Korean equipment. I also wish Cambodia and Korea have a long-lasting partnership.”
manganese and aluminum go into the material and can be manufactured using a conventional steelmaking process. In particular, medium manganese steel has an advantage of easily forming crystal grains of several hundred micrometers to several micrometers, which are important for super-plasticity.
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