SEOUL (XINHUA) – South Korea’s domestic supply in the manufacturing industry fell for the fourth successive quarter due to shrinkage in both domestic production and imported manufacturing products, statistical office data showed yesterday.
The index of domestic manufacturing supply, which includes locally produced and imported manufacturing products, stood at 106.8 in the April-June quarter, down 2.2 per cent from a year earlier, according to Statistics Korea. It continued to decrease since the third quarter of 2023 amid rising worry about an economic slowdown.
The products supply by local manufacturers dwindled 1.1 per cent in the second quarter on a yearly basis owing to lower demand for cars and electronic communication devices.
The import of manufacturing products retreated 5.2 per cent in the cited quarter due to weaker demand for chemical products and electronic communication devices, keeping a downward trend for the fifth straight quarter.
The proportion of import to the total domestic manufacturing supply was unchanged at 27.7 per cent in the second quarter compared to the same quarter of 2023.
The domestic supply of intermediate goods, such as materials and components used for manufacturing production, declined 3.9 per cent in the second quarter, continuing to fall for the fourth consecutive quarter.
The supply of consumer goods reduced 2.2 per cent in the second quarter from a year earlier, but the capital goods supply expanded 3.8 per cent.
