SEOUL (Reuters) – South Korea’s factory output unexpectedly jumped in August by the fastest rate in more than three years, led by chip production, official data showed on Wednesday.
The industrial output index rose 5.5% in August from the previous month on a seasonally adjusted basis, after a 2.0% fall in July, according to Statistics Korea.
That contrasts with a median 0.2% fall forecast in a Reuters survey and marks the fastest monthly gain since June 2020.
Production of semiconductors rose 13.4% and machineries, mostly for chip manufacturing, increased 9.7%, while electronic components declined 3.8%.
On an annual basis, output was 0.5% lower, much milder than the previous month’s 8.1% drop and a forecast for a 6.2% loss.
South Korea’s exports slowed their fall in September to the mildest decline in a year-long downturn, separate data showed earlier in the week, a hopeful sign for the global economy from the bellwether industrial economy.
(Reporting by Jihoon Lee; Editing by Tom Hogue and Sonali Paul)
