South Korea’s exports are expected to grow 3% year-on-year in Q2 2012, recovering from a tough first quarter, the Korean Export-Import Bank (Kexim) reveals.

In its latest export forecast report, the bank says the lead export indicator – an index combining economic conditions in importing countries, price competitiveness and export prices – showed an upward trend for the first time in three quarters.

“Despite economic slowdowns in Brics and developing countries, the lead export indicator, which had posted declines for two consecutive quarters, increased 0.6% from the same period last year as a result of increasing composite leading indicators of developed countries such as the US and Japan and improved profitability in the IT sector that resulted from higher semiconductor order and shipment rates,” a Kexim spokesperson says.

The bank recorded 112 Korean export firms in its Q2 export industry forecast, up from 99 in the first quarter, which also suggests optimism in the sector.