About 40 percent of exporters in South Korea project that export conditions will worsen next year.

According to the Bank of Korea’s regional economy report on Monday, 38-point-five percent of local exporters said business conditions will worsen next year, while 22-point-seven percent held the opposite view. Thirty-eight-point-eight percent expected no change at all.

Steel and shipbuilding companies held more negative outlook than other industries.

Steel, car, shipbuilding and IT industries worried most about intensifying global competition, while the petrochemical and oil refining sector held the view that trade protectionism will worsen export conditions.