South Korea factory growth hits 4-month high as export orders boom, PMI shows
A Hanwha Aerospace engineer works on a KAAV (Korean Amphibious Assault Vehicle) at Hanwha Aerospace factory in Changwon, South Korea, March 16, 2023. REUTERS/Kim Hong-Ji
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SEOUL, Oct 1 : South Korea’s factory activity grew in September at the strongest pace in four months, as export demand hit the fastest pace in 15-1/2 years led by the chip and auto sectors, a survey showed on Thursday.
• The purchasing managers index (PMI), published by S&P Global, stood at 53.9 in September, up from 52.3 in August and the highest since May. The index remained above the 50 mark separating expansion from contraction for a 10th consecutive month.
• “Both new orders and production growth hit the highest for around five-and-a-half years, with anecdotal evidence often linking the expansions to the combined strength of the semiconductor and automotive sectors,” said Usamah Bhatti, economist at S&P Global Market Intelligence.
• Output rose at the sharpest rate since March 2021, while new orders increased at the fastest since February 2021. New export orders jumped most since March 2011, with notable strength seen in Europe and Asia.
• Manufacturers’ optimism for the year ahead improved to an eight-month high.
Source: Reuters
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