A new survey revealed on Wednesday shows that South Korea’s exports may rebound in the third quarter of the year after recording consecutive declines.
 
According to the survey by the Korea Trade-Investment Promotion Agency(KOTRA) of about 22-hundred trading firm officials and foreign buyers carried out last month, the country’s leading export index for the third quarter slightly exceeded 50 points, up two-point-three points from the previous quarter.
 
A reading above 50 indicates that exports will fare better than the previous quarter, while a reading below the mark indicates slowing exports.
 
KOTRA said Wednesday that the index for wireless communication devices and semiconductors was being affected by improved conditions in advanced economies and the release of new products. The agency explained that the index for petrochemicals jumped in sync with rising oil prices, while the figure for the auto industry dropped six-point-seven points quarter-on-quarter to 43-point-three points, indicating a continued slump.
 
However, the forecast did not factor in possible repercussions from Britain’s choice to leave the European Union and South Korea’s decision to host the U.S. Terminal High Altitude Area Defense battery, since the survey was conducted in the first half of June.