S Korea's industrial production up marginally by 0.3% in August
28 September 2012 06:12 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>South Korea’s overall industrial production grew by 0.3% year on year in August, but its rate of growth remains weak amid faltering external demand, official data showed on Friday.
The overall production in the manufacturing, mining, gas and electricity industries in August improved from a revised 0.2% in July, according to Statistics Korea in its monthly report.
However, the country’s overall industrial output fell by 0.7% in August compared with the previous month, marking a third consecutive month-on-month decline, the data showed.
“Despite the tentative signs of stabilization, there is no evident yet to show that a meaningful recovery in exports and industrial activity is underway [in South Korea],” said Singapore-based DBS Group Research.
On a year-on-year basis, South Korea’s exports fell by 6.2% to $42.8bn in August, while imports were down by 10.7% to $40.4bn, the country’s central bank said on Friday.
Shrinking export orders have weighed on the manufacturing industry, with output marginally up by 0.3% in August, according to Statistics Korea.
On a month-on-month basis, output from the manufacturing industry slipped by 0.9% in August, it said.
Meanwhile, factories in South Korea operated at 73.8% of their capacity in August this year, down from 79.8% in the same period last year.By: Nurluqman Suratman
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