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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

Manufacturing Production Dips 0.2% in July

Manufacturing Production Dips 0.2% in July

Sept. 2, 2013

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Korea’s manufacturing output shrank 0.2% from the previous month in July, representing a downward reversal from June’s 0.5% gain, said Statistics Korea. Manufacturing was particularly lackluster in the automobile and machinery equipment sectors, which saw their output drop 6.4% and 5.5% during the same period, respectively. The drop in manufacturing production is attributable to labor strikes at certain car makers and the summer vacation season, said the Ministry of Strategy and Finance (MOSF). However, the output upped 0.8% from a year ago, jumping from the previous month’s 2.6% decline. The main contributors were semiconductors and associated parts, and chemical products, of which output expanded 15.4% and 6% year-on-year, respectively. Meanwhile, the average manufacturing capacity utilization rate shed 1.2 percentage points from a month ago to 74.2% in June.

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