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Financial News: South Korea Manufacturing Downturn Worsens On Weak Demand

South Korea Manufacturing Downturn Worsens On Weak Demand

01/02/2023 - 01:31:00 (RTTNews)

(RTTNews) - South Korea's manufacturing activity registered a steeper downturn towards the end of 2022 as subdued demand drove output and new orders down, survey results from S&P Global showed on Monday.

The factory Purchasing Managers' Index slid to 48.2 in December from 49.0 in November. A score below 50.0 indicates contraction.

Overall orders posted its sharpest fall in two-and-a-half years. Foreign orders decreased at the most pronounced pace since mid-2020.

As a result, firms cut back their production, thereby extending the current sequence of fall to eight months.

Input buying declined for the fifth consecutive month in December. Likewise, firms reduced their holdings of finished goods.

Backlogs of work dropped again as the lack of demand enabled firms to focus on working through outstanding orders.

Workforce numbers decreased in December due to voluntary resignations. Some respondents cited a growing reluctance to replace leavers amid current financial difficulties as reason for falling employment.

Average cost burdens increased in December due to rising raw material costs and weaker currency. Producers transferred increasing costs onto their clients. But the rate of output price inflation was the softest in the current sequence of twenty seven months of inflation.

The survey showed that the outlook for output over the coming year was the weakest in the current 29-month sequence of optimism.

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