US EditionS Korea Factory Activity Shrinks Again, New Orders Suffer Steepest Slump in 5 Years, PMI Shows
- South Korea's factory activity contracted for the fourth consecutive month in May, with the Purchasing Managers Index rising slightly to 47.7 but remaining below 50, indicating ongoing shrinkage.
- This contraction followed an unexpected economic decline in the first quarter amid weak domestic demand, political turmoil, recent record wildfires, and pressure from global trade tensions sparked by U.S. Tariffs.
- The PMI survey also showed the steepest drop in new orders since June 2020 and a marked depletion in work backlogs, although manufacturers regained some modest optimism partly due to hopes for easing trade conflicts.
- South Korea's exports fell 1.3% year-on-year in May to $57.27 billion, including an 8.1% drop to the U.S. And an 8.4% slide to China, while semiconductor shipments rose 21.2% and exports to the EU increased 4%.
- The continued export decline and manufacturing slowdown highlight the impact of U.S. Tariff measures on South Korea's trade-reliant economy and have raised calls for policies to support demand ahead of the June 3 presidential election.
13 Articles
13 Articles
S Korea factory activity shrinks again, new orders suffer steepest slump in 5 years, PMI shows
SEOUL : South Korea's factory activity shrank for a fourth month in May as frail domestic demand and the impact of U.S. tariffs took a heavy toll on factory output while overall orders plunged at their steepest pace in five years, a business survey showed on Monday.The Purchasing Managers Index (PMI) for
South Korea exports fall as tariffs hit US, China shipments
SEOUL (Reuters) -South Korea’s exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by U.S. President Donald Trump’s sweeping tariffs. Exports from Asia’s fourth-largest economy, an early bellwether for global trade, declined 1.3% from the same month last year to $57.27 billion, government data showed on Sunday. “Declines in exports to both the United States…
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