South Korea’s domestic manufacturing supply rises in Q2

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SEOUL (XINHUA) – South Korea’s domestic supply in the manufacturing industry rose in the second quarter due to higher import of manufacturing products, statistical office data showed yesterday.

The index for domestic manufacturing supply, including production at home and imported manufacturing products, stood at 112.7 in the April-June quarter, up 1.5 per cent from a year earlier, according to Statistics Korea.

It continued to increase for the sixth consecutive quarter since the first quarter of 2021.

The products supply by local manufacturers shrank 1.4 per cent, but the import of manufacturing products expanded 8.6 per cent in the second quarter.

The proportion of imports to the total domestic manufacturing supply gained 2.0 percentage points over the year to 30.7 per cent in the second quarter.

It was the highest proportion since relevant data began to be compiled in 2010. The domestic supply of intermediate goods, such as materials and components used for manufacturing production, grew 3.4 per cent in the second quarter, keeping an upward trend for the seventh straight quarter. The supply of consumer and capital goods reduced 0.4 per cent and 2.2 per cent respectively.

Children cool themselves off by playing in a fountain in downtown Seoul, South Korea. PHOTO: AP