Monday, January 30, 2023

S.Korea Sept factory output shrinks as auto chip shortage bites By Reuters


© Reuters. FILE PHOTO: Hyundai Motor’s sedans are assembled at a factory of the carmaker in Asan, about 100 km (62 miles) south of Seoul, January 22, 2013. REUTERS/Lee Jae-Won/File Photo

By Joori Roh

SEOUL (Reuters) – South Korea’s factory output in September declined from August and unexpectedly shrank on a year-on-year basis, ending a 10-month winning streak, as global chip shortages struck car production.

Industrial production last month fell by a seasonally adjusted 0.8%, Statistics Korea data showed on Friday, missing a median 0.3% decline forecast in a Reuters survey. It followed a 0.7% drop in August.

A breakdown of data showed production of cars shrank 9.8% from a month earlier, while that of semiconductors and electrical equipments also slumped 1.6% and 5.2%, respectively.

“September industrial output was weak as global supply chain disruptions were seen weighing on production in the manufacturing industry and on fewer working days (due to the national thanksgiving Chuseok Holiday),” said Oh Chang-sob, an economist at Hyundai Motor Securities.

On an annual basis, factory output unexpectedly contracted 1.8%, missing a 1.4% growth forecast in the poll and down from a 9.7% expansion in August.

Friday’s data also showed the service sector output expanded 1.3% month-on-month in September, while retail sales jumped 2.5%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here



Related Stories