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Korea PMI April 2024

Korea: Manufacturing PMI dips in April

The S&P Global South Korea Manufacturing Purchasing Managers’ Index (PMI) fell to 49.4 in April from 49.8 in March. As a result, the index moved further below the 50.0 no-change threshold, and signaled a faster deterioration in manufacturing sector operating conditions compared to the previous month.

April’s data highlighted fractional increases in both output and new orders, driven by new client wins and stronger customer confidence domestically and internationally. However, the manufacturing sector experienced its first reduction in employment for a year. Additionally, suppliers’ delivery times shortened significantly—the most marked improvement since May 2013—due to easing capacity constraints.

Input price inflation reached a five-month high due to increased costs for raw materials, oil, and logistics. This led firms to raise their selling prices at the fastest rate since November of the previous year. Despite these challenges, business sentiment remained positive, with confidence reaching its highest level since May 2022, buoyed by expectations of a sustained recovery in orders and hopes for lower interest rates and new product launches.

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