South Korea’s business sentiment declined in June for the first time in three months, as per a central bank survey. The Composite Business Sentiment Index (CBSI) for all industries dropped to 97.7 from May’s 98.9, indicating a shift towards pessimism. While the manufacturing sector saw a slight increase in sentiment to 101.2, non-manufacturers experienced a decrease to 95.4, mainly due to subdued outlooks in construction and travel industries.
The overall economic sentiment index, reflecting both consumer and business confidence, decreased to 96.8 in June. Looking ahead, the outlook for July also showed a decline to 95.2 from the previous month’s 97.6. South Korea’s financial assets in the U.S. hit a record high of $1.15 trillion in 2023, with investments in the U.S. stock market notably increasing.
The surge in financial assets in the U.S. was driven by South Korean individuals’ heightened investments in the U.S. stock market, reaching $802.8 billion. This marked the first time the financial assets exceeded $1 trillion and set yearly records for the third consecutive year.
