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South Korea’s Manufacturing Supply Grows 3.6 percent in Q4

By February 9, 2017 at 6:06 am
South Korea’s manufacturing supply grew to its fastest pace in three years during Q4 2016.

Total domestic supply of manufacturing goods in South Korea grew at a three-year high in the final three months of 2016, according to data released by the country's statistics agency on Thursday. The figure includes both Korean-made products as well as goods imported in the country.

The manufacturing domestic supply index climbed 3.6 percent in the October to December quarter from the same period in 2015, according to the Statistics Korea report. 

Both locally produced and imported goods expanded. The index for goods made in Korea rose 2.8 percent from the earlier year, while the index for imported products recorded a gain of 5.5 percent on-year. 

In the previous quarter between July and September last year, the manufacturing domestic supply index stood at 109.2, which is just a 1.1 percent increase from the same three-month period in 2015.

The remarkable growth seen in the fourth quarter was the fastest on-year increase since the 4.4 percent on-year gain recorded in the October to December period in 2013. 

Statistics Korea developed the index as part of its effort to measure total domestic supply from Korean-made products and foreign-made items. It also aims to show the purchasing power of South Korea's consumers and producers.

Imported products accounted for 30.6 percent of the total domestic supply in the fourth period, which is up by 0.6 percentage point from the year-earlier period. Foreign-produced products accounted for 31.7 percent of the total domestic supply in the quarter ending September, a gain of 0.8 percentage point from the same period in 2015, the government data showed.

The statistics agency also reported that supply of final goods, including consumer and capital goods, posted a 4.9 percent rise during the October to December quarter. Meanwhile, intermediate goods expanded 2.9 percent.

For the full-year 2016, the index of manufacturing domestic supply jumped 1.2 percent from the previous year. Imports increased 1.6 percent, while domestic supply added 1 percent.

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