Korea auto, IT industries to pull off strong growth in Q2

Korea’s automobile and information technology (IT) industries are expected to enjoy strong growth in the second quarter of this year, underpinned by growing overseas demand, a report showed Sunday.

The country’s shipbuilding, construction and pharmaceutical industries, however, are bracing for deteriorating business conditions triggered by sluggish overseas orders and a weak domestic property market, according to the report by the Korea Chamber of Commerce and Industry (KCCI).

Exports of South Korean cars are forecast to grow in the three-month period fueled by free trade agreements (FTA) with advanced industrialized economies, a lower excise tax on mid-size vehicles and the release of new models.

The KCCI also said the popularity of smartphones, tablet PCs and organic light-emitting diodes (OLED) made by local companies will buoy the IT sector. The Summer Olympics in London in July could also stimulate the global digital electronics market.

For full article see Korea Times.

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