South Korea factory output posts biggest gain in over three years boosted by chips
Reuters
Published Oct 03, 2023 07:11PM ET
Updated Oct 03, 2023 08:50PM ET
SEOUL (Reuters) - South Korea's factory output unexpectedly jumped in August by the fastest rate in more than three years, led by chip production, official data showed on Wednesday.
The industrial output index rose 5.5% in August from the previous month on a seasonally adjusted basis, after a 2.0% fall in July, according to Statistics Korea.
That contrasts with a median 0.2% fall forecast in a Reuters survey and marks the fastest monthly gain since June 2020.
Production of semiconductors rose 13.4% and machineries, mostly for chip manufacturing, increased 9.7%, while electronic components declined 3.8%.
Commenting on the data, the finance ministry said the significant improvement in August suggested a manufacturing and exports-led recovery in the third quarter, together with solid September trade figures.
On an annual basis, factory output was 0.5% lower, much milder than the previous month's 8.1% drop and a forecast for a 6.2% loss.
South Korea's exports slowed their fall in September to the mildest decline in a year-long downturn, separate data showed earlier in the month, a hopeful sign for the global economy from the bellwether industrial economy.
Across all industries, production rose 2.2% in August over the month, the biggest increase since February 2021, as the services sector also gained 0.3%.
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.