South Korea industrial output climbs 2.9 percent in June as demand improves

Nathan Andrada – Fourth Estate Cooperative Contributor

Seoul, South Korea (4E) – Industrial output in South Korea bounced back in June following a two-month drop, led by production of mobile devices and semiconductors, according to official data released Wednesday.

Statistics Korea said that production in the electricity, gas, manufacturing and mining sectors climbed 2.9 percent in June from the prior month.

The expansion comes after a 0.1 percent drop in April on month and a 2.7 percent decline in May.

Wednesday’s report also showed that production of semiconductors and parts advanced 11.2 percent from the previous month, helped by higher demand for mobile handsets in South Korea and overseas markets.

A senior official from the statistics agency said that the rebound in the June output was due to a low base effect as the previous month’s figures were weak, as well higher exports and domestic demand, particularly for mobile handsets and semiconductors.

Exports from Asia’s fourth-biggest economy climbed 2.5 percent in June from the previous year on strong shipments of steel and technology products, according to the country’s trade ministry report released on Tuesday.

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