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Industrial activity in South Korea weakened for two months in a row last month due to sluggish exports, which account for about half of the economy, a government report showed Friday.
Production in all industries, including manufacturing, services, construction and public administration, declined 0.3 percent in April from a month earlier, according to Statistics Korea.
The industrial production fluctuated from a 1.9 percent fall in January to a 2.2 percent expansion, before reducing 0.5 percent in March and 0.3 percent in April.
Private consumption showed signs of recovery, but lackluster exports dragged down overall industrial production.
Output in the mining and manufacturing sectors reduced 1.2 percent in April from a month earlier on the back of faltering ship exports that offset solid shipments of cars and chips.
Production in cars and communication devices increased 2.8 percent and 9.0 percent each last month, but output in other transport equipments, including ships, tumbled 13.0 percent.
Production in the construction industry retreated 2.6 percent last month on a monthly basis as demand for public agency buildings weakened after the completion of the movement of major public corporations buildings.
Construction orders jumped 18.3 percent in April after surging 68.3 percent in March as the government unveiled measures to boost the lackluster housing market.
The financial regulator eased regulations on mortgage financing, and the Bank of Korea (BOK) cut the benchmark interest rate by 75 basis points in the past to an all-time low of 1.75 percent, leading to a surge in the mortgage demand and a recovery in housing market.
Production among services companies rose 0.5 percent last month due to solid activity in real estate and housing rent sectors.
Manufacturers posted an average capacity rate of 73.9 percent in April, up 0.1 percentage point from the previous month. Inventory in the manufacturing sector increased 1.9 percent last month.
Facility investment weakened 0.8 percent due to sour demand in general machinery that offset strong demand in the electronic and electrical sectors.
Consumers spend more last month, showing some signs of recovery in private consumption. Retail sales rose 1.6 percent, with sales of durables and non-durables growing 0.5 percent and 1.5 percent respectively.
The cyclical component of leading economic indicators, which reflects outlook for future business conditions, was unchanged in April from the prior month, and the figure for coincident economic indicators showed no change.
The Finance Ministry said that the manufacturing sector's recovery was weaker than expected amid weak exports despite improved consumption and service industry's production.
The ministry forecast that exports would recover in June and enhance overall economic conditions. Enditem
