ULSAN < invest Korea

Ulsan branch of BOK conducted a business survey from August 12 to 20 to 301 Ulsan companies. The business survey index of Ulsan manufacturing companies stood at 84, which is lower than that of July (85) but higher than Korea’s average (73). The BSI for economic forecast in September reached 91, which is higher by 9 points from August.

Major grievances faced by the manufacturing industry were uncertain economic circumstances, sluggish domestic demand and rise in raw material prices.

More companies named uncertain economic circumstances (19.4 percent), rise in raw material prices (10.3 percent), increased labor cost (10.2 percent), labor-management disputes (9.8 percent) and capital shortage (6.3 percent) in August, but numbers of those who named sluggish domestic demand, reduced exports and accelerated competition were reduced.

BSI for non-manufacturing industry in August was dropped by 5 points from last month (77) to reach 72. BSI for economic forecast in September rose by seven points to reach 79.

Many non-manufacturing industry companies named increase labor costs, manpower shortage, slow domestic demand and accelerated competition as grievances.

** This article was translated from the Korean.