Mining and industrial production fell 3.0% MoM in October for the third straight month, the highest since a -7.7% decline in May last year, in the early stages of the coronavirus.
The manufacturing average utilization rate was 71.1%, down 2.5%p from the previous month, and the production index for all industries in October decreased by 1.9% from the previous month, returning to the highest level since April last year (-2.0%).
Statistical Office's all-industrial production declined again in April (-1.3%) in May (-0.2%) from a decrease in January (-0.5%), in February (2.0%) and in March (0.9%), and then decreased again in June. (1.6%) one-month increase in July (-0.7%) and August (-0.1%) returned from a temporary increase, followed by a temporary increase in September (1.1%) followed by a one-month rise in October (-1.9%). It is showing an economic downturn with a sharp decline.
Facility investment fell 5.4% in October, the biggest drop since May of last year (-5.7%), the early stage of the corona virus. am.
As construction performance decreased, construction (-3.9%) decreased in October, and construction orders decreased by 3.9% compared to the same month of the previous year (-10.2%) despite an increase in civil engineering (27.7%) such as railways and tracks. .
Despite the government stimulus package in October, public administration decreased by 8.9%, the biggest decline since March 2013 (-9.8%).
The 3.0% decline in mining and industrial production was driven by automobiles (-5.1%) and primary metals (-5.9%), which were the main drivers of the corona rebound, and pharmaceuticals (3.2%) increase.
Manufacturing output in October decreased by 3.1% from the previous month, manufacturing shipments decreased by 2.9% from the previous month, domestic shipments decreased by 3.4%, and export shipments decreased by 2.1%.
The increase is the fourth consecutive month, increasing by 3.5% while increasing in semiconductors (31.6%), communication/broadcasting/equipment (19.2%), and electronic components (4.5%).
Exports in October increased by 26.0% compared to the same period of the previous year, marking an increase of USD 645 billion this year, an annual record high (estimated by the Federation of Korean Industries).
Exports in November amounted to $39.9 billion, up 27.6% ($8.9 billion) from the same period of the previous year, according to the Korea Customs Service until the 20th, and imports increased 41.9% ($11.8 billion) to $39.8 billion, barely showing a trade surplus of $73 million.
The trade surplus is on a sharp decline from $3.211 billion in the same period of the previous year to less than $100 million.
Deputy Prime Minister Hong Nam-ki of 'October Industry' said, "The impact of disruptions in the global supply chain continued in October, which caused sluggish industrial activity trend indicators." On the 30th, Facebook announced that key indicators would show relatively good results.
Federal Reserve Chairman Jerome Powell said in a written response to the Senate Banking Committee on the 29th that "the recent rise in COVID-19 cases and the emergence of Omicron mutations pose downside risks to employment and economic activity and increase uncertainty in inflation." "It could worsen the US economy, which is suffering from inflation and job shortages," he said.