Manufacturing activity in South Korea rises for ninth consecutive month
Manufacturing activity in South Korea expanded for the ninth consecutive month in August, supported by resilient export demand, according to an S&P Global survey.
Index remains above contraction threshold
South Korea's manufacturing purchasing managers' index stood at 52.3 points in August, compared with 53.1 points in July. The indicator remained above the 50-point mark that separates growth in activity from contraction.
The new orders sub-index fell to 53.5 points in August from 54.8 points a month earlier. At the same time, manufacturers continued to report a stable level of new orders.
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Export demand and semiconductors
S&P Global Market Intelligence economist David Owen said that the pace of overall growth in manufacturers' new orders had weakened. At the same time, export demand grew at the fastest pace since November 2020. According to him, this is a sign that companies continue to benefit from the current cycle of elevated demand for artificial intelligence technologies and semiconductors.
In the second quarter, Asia's fourth-largest economy grew faster than expected. A semiconductor-sector export boom offset a decline in construction investment, Channel NewsAsia reports, citing Reuters.
