Korea: Industrial production dips again in May
Industrial production in the mining, manufacturing, and gas and electricity sectors fell 0.2% in annual terms in May, contrasting the revised 0.2% increase registered in April (previously reported: -0.1% year-on-year). The less-volatile average annual growth in industrial production echoed the weakness in the industrial sector, inching down to 0.8% in May from 1.0% in April.
Output in the manufacturing sector—which accounts for the majority of industrial production—dipped 0.1% in May, following flat growth in April. The dip came on the back of falling production, domestic and export orders, and shipments, while inventory levels rose higher in the month. Moreover, the average factory capacity utilization rate slackened to 71.7% in May from 72.7% in April.
In month-on-month seasonally adjusted terms, industrial production fell 1.7% in May, down from the revised 1.9% increase logged in April (previously reported: +1.6% month-on-month).