Korea: Industrial output bounces back in October amid favorable base
Industrial output expanded 4.5% in year-on-year terms in October, which contrasted September’s 1.8% decrease, albeit largely benefiting from a favorable base effect. The acceleration was felt in both the domestic and export-oriented manufacturing. While the domestic part of the sector contracted at a much softer pace, output for exports rebounded. That said, average capacity utilization was lower in the month.
On a seasonally-adjusted monthly basis, industrial production fell at a more pronounced rate of 3.0% in October (September: -1.1% mom), the worst result since May 2020. Meanwhile, annual average industrial production growth rose to 6.2% in October (September: +5.6%), signaling an improving trend in the industrial sector.