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Korea Industrial production March 2024

Korea: Industrial output drops at sharpest rate since December 2022 in March

Industrial output declined 3.2% in month-on-month seasonally adjusted terms in March, which contrasted February’s 2.9% increase. The outturn marked the worst reading since December 2022. March’s reading was largely driven by deteriorations in manufacturing and mining. In contrast, electricity, gas and steam output picked up pace.

On an annual basis, industrial output increased 2.5% in seasonally adjusted terms in March, which was well below February’s 9.6% expansion and marked the worst result since August 2023. Meanwhile, annual average industrial production growth rose to 0.9% in March (February: +0.3%), signaling an improving trend in the industrial sector.

Industrial output will rebound this year from last, driven by higher manufacturing output as global electronics demand improves.

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