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Korea Industry March 2022

Korea: Industrial output growth picks up pace in March

Industrial output expanded 5.6% year-on-year in seasonally-adjusted terms in March (February: +3.7% s.a. yoy).

On a monthly basis, factory output increased 1.3% in seasonally-adjusted terms in March, which was better than February’s 0.3% expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 7.6% in March, down from February’s 7.7% reading.

Analysts at Nomura said:

“We expect IP growth to remain weak. We see rising downside risks to IP growth due to demand-side headwinds. […] The Russia-Ukraine war and widespread lockdowns in China are likely to hit the production side in coming months. Early export data are already showing a slowdown in exports to China. [Moreover] we expect a higher cost of living and a larger financial burden owing to surging interest rates to limit the positive impact from reopening.”

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