South Korea June factory output falls more than expected

SOUTH Korea’s factory production fell more than expected in June, official data showed on Friday (Jul 28), as automobile and petroleum production dropped.

The industrial output index fell 1.0 per cent in June on a seasonally adjusted monthly basis, after a 3.0 per cent jump in May, according to Statistics Korea.

It was faster than the 0.3 per cent fall tipped in a Reuters survey and marked the fastest loss in four months.

Production of semiconductors rose 3.6 per cent over the month, but automobiles declined 12.9 per cent and oil refining dropped 14.6 per cent.

The index fell 5.6 per cent over a year earlier, which was milder than the 7.6 per cent drop the previous month, while economists had expected a 5.5 per cent fall. REUTERS