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Korea's Domestic Manufacturing Supply Surges in 1Q

May 12, 2017 05:40|May 12, 2017 05:40
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Korea's total output of manufacturing goods both locally produced and imported recorded the highest growth in seven years in the first quarter of this year mainly thanks to the semiconductor boom.

 

According to the National Statistical Office on May 10, the manufacturing industry's domestic output marked a positive year-on-year growth of 7.1 percent in the first quarter of this year, the highest since the data were compiled in the first quarter of 2010.

 

The manufacturing industry's domestic output is an indicator of overall supply trend and structural change for the domestic market. After falling 1.1 percent in the first quarter of last year, it grew about 1 percent in the second and third quarter of last year and picked up by 3.8 percent in the fourth quarter.

 

Out of the total domestic output, locally produced items rose 3.0 percent thanks to the increasing demand for machinery equipment and primary metals. Foreign-made items grew 16.9 percent, the highest in history, led by the increasing demand for electronic products and machinery equipment.

 

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