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Financial News: South Korea Manufacturing Sector Bounces To Expansion -

South Korea Manufacturing Sector Bounces To Expansion - S&P

01/31/2024 - 20:15:00 (RTTNews)

(RTTNews) - The manufacturing sector in South Korea climbed up into expansion territory in January, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 51.2.

That's up from 49.9 in December, and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

The strongest upward contribution came from an expansion in new orders. The increase was only modest, yet the first since June 2022. Growth was reportedly reflective of increased domestic and international orders, particularly for new products.

As such, new export sales rose for the first time in six months, and at the fastest pace since February 2022. For the first time since April 2022, manufacturing output rose in January. The uptick was modest, but the strongest recorded in just under two years.

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