The Korea Development Institute assessed on Thursday that though the nation is seeing a deepening slump in exports, domestic demand is recovering.
 
The institute said in the November edition of its economic trends report that an indicator of retail sales for September grew five-and-a-half percent from a year ago while the consumer sentiment index surged two points from a month ago to 105 in October.
 
In terms of production, the service industry overall saw growth while the mining and manufacturing industries saw partial improvements.
 
However, the institute assessed that due to a slowdown in the global economy, exports are seeing worsening stagnation for most key items.
 
Exports fell 15-point-eight percent year-on-year in October. That’s the largest drop to be posted since August 2009, or shortly after the global financial crisis occurred.
 
The institute said exports are seeing growing declines due to a drop in unit costs resulting from the slump in global economic growth and low oil prices.