SEOUL : South Korea's factory activity contracted for an eighth month in February, a survey showed on Thursday, highlighting weak domestic and global economic conditions even though the downturn in output and orders eased slightly. The S&P Global's seasonally adjusted purchasing managers' index (PMI) for
SEOUL : South Korea's factory activity contracted for an eighth month in February, a survey showed on Thursday, highlighting weak domestic and global economic conditions even though the downturn in output and orders eased slightly.
"PMI survey data for February continued to depict subdued operating conditions in the South Korean manufacturing sector," said Usamah Bhatti, economist at S&P Global Market Intelligence. Soft domestic and global economic conditions and inflationary pressures, often caused by exchange rate weakness, were linked to subdued overall demand, according to the survey. Currency weakness was cited as a key driving force behind the latest drop in demand from overseas.
The input price inflation softened for a fourth month to the weakest level since November 2020. However, the rise in operating expenses remained sharp overall, largely pressured by a weak exchange rate and rising raw material prices.
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