Industry in Korea
Korea - Industry
Industrial production dips in April
Industrial production in the mining, manufacturing, and gas and electricity sectors fell 0.1% in annual terms in April, following the 2.3% decrease logged in March. Meanwhile, the less-volatile average annual growth in industrial production inched down to 1.0% in April from 1.2% in March.
Output in the manufacturing sector—which accounts for the majority of industrial production—continued to shrink in April, albeit at a softer rate than in previous months (April: -0.1% year-on-year; March: -2.3% yoy). The dip was largely due to a further decline in production, while inventory levels rose in the month. On a brighter note, shipments rebounded marginally in April on a recovery in domestic orders, while the average factory capacity utilization rate increased to 72.6% in April from 71.6% in March.
In month-on-month seasonally adjusted terms, industrial production increased 1.6% in April, down from the 2.1% rise registered in March (previously reported: +1.4% month-on-month).
Against this backdrop, FocusEconomics Consensus Forecast panelists expect industrial production to increase a meager 0.8% in 2019, which is down 0.5 percentage points from last month’s forecast. For 2020, our panelists project industrial output to rise 2.1%.
Korea - Industry Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 0.7 | 0.3 | -0.3 | 2.3 | 1.9 |
Korea Industry Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.55 | 1.55 % | Jun 20 |
| Exchange Rate | 1,162 | 0.21 % | Jun 20 |
| Stock Market | 2,131 | -0.40 % | Jun 20 |
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Merchandise exports fell 9.4% over the same month a year earlier in May to total USD 45.9 billion, worsening from the 2.0% contraction in April.
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