RTTNews - South Korea's industrial production rose in July, but at a slower pace compared to the previous month, the country's National Statistical Office announced Monday. On a yearly basis, industrial production rebounded from a decline in the previous month.
Industrial production rose by 2% from the previous month in July, compared to the 5.7% increase in June. Year-on-year, production was up 0.7% in July compared to the 1.2% decline in the last month, and the 9% fall in May. Economists expected the yearly production to drop 1.1%.
The statistical office also revealed that shipments were up 0.9% from the previous month, but edged down 1.4% from the corresponding period of last year. The decline was mainly a result of falling domestic shipments, down 1.9% on a yearly basis in July compared to the 0.4% drop in June. Export shipments were down 0.7%.
The inventory index rose 1.1% month-on-month in July, but fell 15% from the same period of the previous year.
The production capacity index was up 2.7% in July compared to the previous year, with semiconductors & components rising 7%, and machinery equipment, up 8.2%. At the same time, the operation ratio index grew 2.8% month-on-month, but fell 1% from the year-ago period.
Further, the service industry activity dropped 0.8% on a monthly basis in July, but rose 0.8% from the year-ago period.
Meanwhile, the consumer goods trade index fell 1.6% in July from last month, but was up 1.9% from the corresponding period of the prior year.
The report also revealed that the country's leading index increased 1.5% from the previous month. At the same time, the coincident index, which is an indicator of current economic activity, was up 1.4% in July.
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