South Korea August factory output rises the most in a year

SOUTH Korea’s factory output in August beat market expectations and increased by the most in a year, led by production of cars and chips, government data showed on Monday (Sep 30).

The industrial output index rose 4.1 per cent over the month on a seasonally adjusted basis, after a dip of 3.9 per cent the previous month, according to Statistics Korea.

It was faster than a gain of 2 per cent tipped in a Reuters poll of economists and the biggest rise since August 2023.

Production of automobiles jumped 22.7 per cent, while semiconductors grew 6 per cent.

Industrial production rebounded sharply as output disruptions in the auto industry eased, the finance ministry said.

“The manufacturing sector-led economic recovery is continuing with exports expected to grow for a 12th consecutive month in September,” the ministry added.

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On an annual basis, the industrial output index rose 3.8 per cent, compared with gains of 5.2 per cent the previous month and 1.9 per cent expected by economists.

Monday’s data also showed retail sales rose 1.7 per cent in August, reversing a fall of 2 per cent in July, marking the biggest monthly rise since February 2023. REUTERS