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Financial News: South Korea Industrial Output Drops 1.2% In October

South Korea Industrial Output Drops 1.2% In October

11/29/2020 - 18:43:00 (RTTNews)

(RTTNews) - Industrial production in South Korea fell a seasonally adjusted 1.2 percent on month in October, Statistics Korea said on Monday.

That missed expectations for a fall of 1.0 percent following the 5.4 percent gain in September.

On a yearly basis, industrial production fell 2.2 percent - beating forecasts for a decline of 2.5 percent following the 8.0 percent jump in the previous month.

The index of all industry production was flat on month and slid 2.7 percent on year after rising 2.2 percent on month and 3.4 percent on year a month earlier.

The Manufacturing Production Index fell 1.3 percent om month and 2.2 percent on year. The Manufacturing Shipment Index lost 1.4 percent on month and 3.3 percent on year. The Manufacturing Inventory Index slid 0.9 percent on month and 0.1 percent on year.

The Production Capacity Index added 0.1 percent on month and 1.6 percent on year. The Index of Capacity Utilization Rate in October shed 0.3 percent on month and 4.9 percent on year. The Manufacturing Average Capacity Utilization Rate was 73.7 percent, down 0.2 percentage points from the previous month.

The Index of Services in October advanced 1.2 percent on month but sank 2.5 percent on year. The Retail Sales Index lost 0.9 percent on month and 0.2 percent on year. The Equipment Investment Index dropped 3.3 percent on month and 1.0 percent on year.

The Domestic Machinery Shipment Index in October was down 3.3 percent on year. The value of Domestic Machinery Orders Received surged 19.0 percent on year. The value of Construction Completed at constant prices eased 0.1 percent on month and 8.9 percent on year. The value of Construction Orders Received at current prices tumbled an annual 17.3 percent.

The Composite Coincident Index rose 0.6 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, gained 0.5 points on month. The Composite Leading Index added 0.7 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, rose 0.4 points on month.

Also on Monday, Statistics Korea said that the total value of retail sales in South Korea was down a seasonally adjusted 0.9 percent on month in October.

That missed expectations for a decline of 0.5 percent following the 1.7 percent increase in September.

On a yearly basis, retail sales eased 0.2 percent - again shy of forecasts for a gain of 1 percent following the 4.4 percent increase in the previous month.

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