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Financial News: South Korea's Manufacturing Downturn Continues

South Korea's Manufacturing Downturn Continues

09/02/2019 - 02:33:00 (RTTNews)

(RTTNews) - South Korea's manufacturing sector continued to remain in negative territory in August, survey data from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index rose to 49.0 in August from 47.3 in July. Although this was the first increase in the reading since April, the score signaled contraction in the sector.

Production volumes were once again reduced by South Korean manufacturers. Moreover, sluggish demand had ramped up pressure on manufacturers in August.

The survey showed that the weakness on the international front remained a prominent headwind, with export sales falling further.

Cost pressures continued to build as firms blamed won depreciation and higher raw material prices on an increase to input costs. Selling prices stabilized in August following eight successive monthly decreases.

Business sentiment returned to positive territory in August but confidence was subdued overall.

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