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Financial News: South Korea Manufacturing Sector Ebbs In October -

South Korea Manufacturing Sector Ebbs In October - Markit

10/31/2021 - 21:25:00 (RTTNews)

(RTTNews) - The manufacturing sector in South Korea continued to expand in October, albeit at a slower pace, the latest survey from Markit Economics showed on Monday with a Manufacturing PMI score of 50.2.

That's down from 52.4 in September although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

October data indicated a renewed fall in manufacturing output, marking the second instance of decline in the past three months. The rate of reduction was solid, and the quickest recorded since July 2020. Manufacturers attributed the decrease to significant shortages of raw materials, particularly for electrical components and semiconductors.

At the same time, businesses recorded a softer rise in new orders in the latest survey period. Panelists often commented that client confidence was supported by the launch of new products, however this was partially offset by material shortages and slowing international demand. As such, growth in foreign demand for South Korean goods eased to the weakest since the current sequence began last October. Stronger demand from China and Europe was offset by difficulty in sourcing logistical capacity.

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