South Korea Oct factory output falls most in 10 months on weaker chip production
Reuters
Published Nov 29, 2023 06:07PM ET
Updated Nov 29, 2023 06:21PM ET
SEOUL (Reuters) -South Korea's factory output unexpectedly fell on weaker chip production in October and posted the biggest drop in 10 months, official data showed on Thursday.
The industrial output index fell 3.5% in October from a month earlier on a seasonally adjusted basis, according to Statistics Korea. Economists in a Reuters survey had expected a gain of 0.5%.
The fall came after a gain of 1.7% in September and marked the biggest monthly decline since December 2022.
Production of semiconductors fell 11.4% and machinery declined 8.3%, outweighing a 10.4% jump in electronic components.
On a yearly basis, factory output rose 1.1%, compared with gains of 2.9% in the prior month and 5.2% expected by economists.
South Korea's economy fared better than expected in the third quarter with the expansion underpinned by exports, backing the case for the central bank to keep rates on hold for a while.
In October, output also fell in the services sector, down 0.9% over the month, marking its first decline since May.
The all-industry output index fell 1.6%, the biggest drop since April 2020.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.