Dismal Outlook for Key Industries in 2nd Half

August 24, 2020 12:54

The outlook of six of Korea’s key industries for the second half is alarming as the coronavirus epidemic shows no signs of easing.

According to a forecast by the Federation of Korean Industries on Sunday, sales of semiconductors, automobiles, shipbuilding, petrochemicals, displays and IT will decline 4.2 percent and operating profit will plunge 13.8 percent in the second half on-year.

The key industries struggled in the first half as well. Only sales of semiconductors went up, but the others declined 3.3 percent on-year. Their operating profit already contracted 23.6 percent in the first half.

The federation projected their exports to decline by 5.1 percent or US$5.7 billion, from $119.5 billion a year ago.

“If the pandemic persists, the key industries’ sales will not recover until the second half of next year at the earliest,” it said.

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