Last month, semiconductors, South Korea's main export item, showed signs of recovery, and industrial activity indicators such as production, consumption, and investment all turned positive for the first time in four months. Production indicators, especially in the manufacturing industry, have increased for two months.
This has continued to improve, and there are growing expectations that the economy will recover in the second half of the year. According to the "Industrial Activity Trends for September 2023" announced by the National Statistics Agency on the 31st, all industries (seasonally adjusted and
The production index (excluding agriculture, forestry and fisheries) was 113.1, an increase of 1.1% compared to the previous month, and the second consecutive month of increase following August's 2.0%.
Industrial production increased by 1.8%. Manufacturing production also increased by 1.9%, leading to overall production growth. especially
There was a clear trend towards economic recovery in the semiconductor field. Semiconductor production, including memory semiconductors such as DRAM, increased by 12.9% from the previous month, showing a double-digit increase rate following August's 13.5%.
. This is the first time in 14 years and 7 months that semiconductor production has recorded double-digit growth rates for two consecutive months, since January and February 2009 during the global financial crisis. Last month's semiconductor shipments were 69.4 compared to the previous month.
%, the highest level since 2000, when relevant statistics began being compiled. Semiconductor inventories decreased by 6.7%. Supported by strong performance in semiconductors, production in the manufacturing industry also turned positive. Manufacturing operations
After bottoming out at 69.9% in the fourth quarter of last year, the rate has shown an upward trend, reaching 70.6% in the first quarter, 71.8% in the second quarter, and 72.1% in the third quarter. Officials from the Statistics Agency
``Semiconductors are an important sector that accounts for 20% of the total weighted value,'' he said, ``Reflecting the large increase in semiconductor exports last month, mining and manufacturing continued to show an increasing trend from August.''
The service industry, which together with mining and manufacturing is the two major pillars of production indicators, increased by 0.4% compared to the previous month. Construction and public administration also increased by 2.5% and 2.3%, respectively, a 90-month increase.
All four major industries in the production sector increased. Retail sales, which indicate consumption trends, have increased for the past three months, reflecting increased consumption of food and beverages during the Chuseok (mid-autumn celebration, August 15th according to the lunar calendar) holiday period.
It turned into a plus. Capital investment also increased by 8.7%, with an increase in transportation equipment such as aircraft (12.6%). The production and retail sales index of all industries, as well as capital investment, have now experienced a “triple increase.”
This is the first time in four months since May 2019. Although the South Korean government is concerned about external uncertainties such as the Israeli-Palestinian war, it is interpreting the rise in industrial activity indicators over the past three months as positive. Chu・
On the same day, Vice Prime Minister and Minister of Strategy and Finance Kyung-ho stated at the Foreign Economic Ministers' Meeting, ``The recovery in production and exports in the manufacturing industry is becoming visible, and signs of economic recovery are gradually increasing.'' ga
The trend of economic improvement is expected to continue in the fourth quarter, with the economy expected to turn positive for the first time in months."
2023/11/01 07:02 KST
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