Korea's 3 major indicators of industrial activity all increased in August

Arirang News 2019-09-30

Views 13

For the first time in five months, Korea's three major indicators of industrial activity went up in August.
But indicators for the future weren't so positive.
Our Hong Yoo has more.
Industrial output across all sectors in South Korea continued its upward trend for the second month in a row, edging up 0-point-5 percent in August compared to July.
Statistics Korea says this was mainly due to an increase in service sector output, which saw a 1-point-2 percent increase on-month with better performances by the wholesale and retail sector and the insurance sector.
Car production saw an on-month increase and semiconductor shipments increased by 6-point-1 percent in August compared to July.
The agency said that the surge in semiconductor shipments was due to higher demand for cellphones.
Retail sales also increased by 3-point-9 percent, the biggest increase since January 2011.
The agency said this was mainly due to increased automobile purchases and gifts for Chuseok.
But the ongoing boycott against traveling to Japan has hit the air transport and travel service businesses with less people traveling abroad.
Facility investment showed an increase of 1-point-9 percent, continuing its upward trend for the third month in a row.
And the coincident index, which measures the current economic conditions in the business cycle, also went up slightly for the first time in 3 months.
However, the leading economic index, which shows future business conditions, fell for its fourth consecutive month.
"This is due to lack of domestic demand and poor external conditions such as the U.S.-China trade dispute and South Korea-Japan trade dispute. The index is expected to continue falling, but at some point, the government's sound fiscal management will show its effect in strengthening the economic outlook."
Statistics Korea also said that exports and external conditions need to improve for industries to see better prospects.
And without such improvement, it will be difficult to see a sustained upward trend.
Hong Yoo, Arirang News.

Share This Video


Download

  
Report form