South Korea’s industrial output fell by its largest monthly decline in over five years, largely due to base effects in semiconductor production despite ongoing growth in other sectors of the industry.
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Data from the Ministry of Data and Statistics showed that industrial output dropped 2.5% in October compared to the previous month, marking the largest monthly decline in five years and eight months since a 2.9% fall in February 2020, according to Yonhap News Agency.
Output in the mining and manufacturing sectors, considered the backbone of the economy, fell 4% month-on-month last month. Notably, semiconductor production plunged 26.5%, the steepest monthly decline since October 1982, when it fell 33.3%.
Sales of semi-durable goods, such as clothing, rose 5.1%, while sales of durable goods, such as household appliances, fell 4.9%.
Investment in facilities decreased 14.1% month-on-month in October, reversing the previous month’s recovery. Machinery investment dropped 12.2%, and investment in transport equipment fell 18.4%.
