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South Korea factory activity logs ninth straight month of expansion, PMI shows

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SEOUL, Sept 1 : South Korea’s factory sector recorded a ninth consecutive month of activity growth in August, underpinned by robust export demand, a survey showed on Tuesday.

• The purchasing managers index (PMI), published by S&P Global, stood at 52.3 in August, down from 53.1 in July, but staying above the 50 mark separating expansion from contraction for a ninth consecutive month.

• Manufacturers continued to report healthy new orders with a sub-index measuring new orders at 53.5 in August compared with 54.8 in July, according to the survey.

• “While August PMI data signaled an easing of overall new order growth across South Korean manufacturers, a robust increase in export demand – the strongest recorded since November 2020 – is an encouraging sign that firms are still benefitting from the current AI and semiconductor supercycle,” said David Owen, an economist at S&P Global Market Intelligence.

• Asia’s fourth-largest economy grew faster than expected in the second quarter, driven by a semiconductor export boom that offset a decline in construction investment.

Source: Reuters

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