7 months ago
28
The manufacturing sector in South Korea continued to contract in August, albeit at a slower rate, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 48.3.
That's up from 48.0 in July, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
There was a sharp decrease in incoming business inflows, with new orders falling for the fifth month running midway through the third quarter. Firms often cited a subdued domestic economy and the impact of US tariffs as the key factors behind the fall. The latter also weighed on foreign demand, as goods producers recorded the strongest reduction in new export orders since tariffs were initially announced in April.
Consequently, manufacturers reported a further contraction in production levels in August, extending the current sequence to six months. Despite the weaker picture for demand, the year-ahead outlook for production was positive for the third time in four months, as firms mentioned hopes that the launch and mass production of new products and an improvement in economic conditions would boost output.
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