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South Korea factory activity quickens on surge in export demand, PMI shows

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SEOUL, Aug 3 : South Korea’s factory activity expanded at a stronger pace in July on a jump in export demand, a survey showed on Monday.

• The purchasing managers index (PMI), published by S&P Global, stood at 53.1 in July, up from 52.1 in June, staying above the 50 mark separating expansion from contraction for an eighth consecutive month.

• Output and new orders expanded more quickly, while new export orders grew for the first time in three months and at the steepest rate since April 2021, according to the survey.

• “Both production volumes and new orders rose again, with particular strength seen in the semiconductor and automotive sectors,” said Usamah Bhatti, economist at S&P Global Market Intelligence.

• Asia’s fourth-largest economy grew faster than expectations in the second quarter, driven by a semiconductor export boom that offset a decline in construction investment. The country’s factory output beat market forecasts in June, data showed on Friday.

Source: Reuters

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