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Financial News: South Korea Industrial Production Drops 1.6% In April

South Korea Industrial Production Drops 1.6% In April

05/30/2021 - 19:43:00 (RTTNews)

(RTTNews) - Industrial output in South Korea slipped a seasonally adjusted 1.6 percent on month in April, Statistics Korea said on Monday.

That missed expectations for an increase of 1.5 percent following the downwardly revised 0.9 percent contraction in March (originally -0.8 percent).

On a yearly basis, industrial production jumped 12.4 percent - beating forecasts for a gain of 11.2 percent following the downwardly revised 4.4 percent increase in the previous month (originally 4.7 percent).

The index of all industry production was down 1.1 percent on month and up 8.8 percent on year in April.

The Manufacturing Production Index fell 1.7 percent on month but jumped 13.0 percent on year. The Manufacturing Shipment Index slid 0.9 percent on month climbed 13.5 percent on year. The Manufacturing Inventory Index eased 0.1 percent on month and 4.2 percent on year.

The Production Capacity Index shed 0.3 percent on month but increased 1.4 percent on year. The Index of Capacity Utilization Rate lost 1.4 percent on month but spiked 11.0 percent on year.

The Manufacturing Average Capacity Utilization Rate was 73.8 percent, down 1.1 percentage points from the previous month. The Index of Services rose 0.4 percent on month and 8.4 percent on year.

The Retail Sales Index gained 2.3 percent on month and 8.6 percent on year. The Equipment Investment Index added 3.5 percent on month and 16.8 percent on year.

The Domestic Machinery Shipment Index climbed 5.1 percent on year, while the value of Domestic Machinery Orders Received jumped 16.4 percent on year.

The value of Construction Completed at constant prices shed 0.8 percent on month and 1.8 percent on year. The value of Construction Orders Received at current prices skyrocketed 84.2 percent on year.

The Composite Coincident Index advanced 1.1 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, increased 1.1 points on month.

The Composite Leading Index rose 0.7 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, increased by 0.4 points from the previous month.

Also on Monday, Statistics Korea said that the value of retail sales in South Korea was up a seasonally adjusted 2.3 percent on month in April. That was in line with expectations and was unchanged from the March reading.

On a yearly basis, retail sales jumped 8.6 percent - shy of expectations for 9.0 percent and down from 10.9 percent in the previous month.

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