The export business survey index, a gauge of the business expectations of Korean export companies, has exceeded 120 for the second quarter to mark an 11-year high. The photo shows super-size container ships on Feb. 3 docked at the Port of Gwangyang in Gwangyang, Jeollanam-do Province. (Yeosu Gwangyang Port Authority)

By Yoon Hee Young

The export business survey index (EBSI), which reflects the business expectations of Korean export companies, has hit an 11-year high by exceeding 120 for the second quarter.

The Institute for International Trade of the Korea International Trade Association (KITA) on March 21 said a survey of 945 domestic export companies found that the EBSI for the second quarter was 120.8.

This is the first time for the index to exceed 120 since 128.4 in the second quarter of 2010. An index above 100 means that more businesses expect conditions to improve than those who do not.

Fourteen of 15 items saw an index of over 100. Exports of items such as petroleum goods (148.9), semiconductors (139.5), vessels (138.6), and plastic and rubber goods (131.5) were expected to rise based on optimistic prospects for higher oil prices and recovery of global demand.

Other factors with positive outlooks included export consultations (121.9), the economies of exporting countries (121.3) and export contracts (112.6). And anticipation of global recovery thanks to vaccinations against COVID-19 in major countries including the U.S. also affected the result.

"An index above 120 sends a very positive signal on export recovery," KITA researcher Do Won-bin said. "Exports in the second quarter will show a favorable performance thanks to COVID-19 vaccinations, followed by global economic recovery and rising demand."

hyyoon@korea.kr