South Korea's industrial output falls by 2% in January

29 February 2012 04:30  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s industrial output fell by 2% year on year in January this year, posting its first annual decline since June 2009, official data showed on Wednesday.

The country’s output volume dropped as a result of fewer working days during the Lunar New Year holiday, data from Statistics Korea showed.

The result follows a revised 2.8% year-on-year increase in factory output in December last year, according to the data.

The industrial output index rose by a seasonally adjusted 3.3% in January this year from December 2011, it showed.

The index measures the added value in electricity, manufacturing, mining and gas industries.

South Korea posted a current account deficit of $770m (€570zxm) in January this year as exports, including shipments of petrochemicals, fell in the wake of the eurozone debt crisis, the country’s central bank said on 28 February.

($1 = €0.74)

By: Nurluqman Suratman

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