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In November 2024, South Korea’s industrial activities declined slightly, as production of all industries (△0.4 percent from the previous quarter), including the construction industry (△0.2 percent), remained sluggish. The mining and manufacturing industry shrank (△0.7 percent from the previous quarter) due to production disruptions caused by the labor strikes of auto parts manufacturers, but continued to grow (0.1 percent) on a year-on-year basis, driven by a significant jump (11.1 percent) in semiconductor production.All industries | Mining & manufacturing | Service | Retail sales | Capital investment | Construction completed | |
---|---|---|---|---|---|---|
‘Nov. 2024 ( percent) | ∆0.4 | ∆0.7 | ∆0.2 | ▲0.4 | ∆1.6 | ∆0.2 |
With the goal of managing our economy as stable as possible, the government will need to mobilize all available resources - such as a revision in the fund management plan under the Economic Policy Direction for 2025, additional investments of public institutions, and policy-based loans - to revitalize the national economy and domestic demand.
※ Source: Ministry of Economy and Finance (moef.go.kr) (moef.go.kr)
Industries
Automotive
→ In October, exports increased for the second consecutive month, up 5.6 percent year-on-year, thanks to strong exports of finished vehicles and parts to the US. In September, domestic sales remained flat year-on-year, but increased by 2.6 percent month-on-month and turned positive for the first time in six months, thanks to the release of new models and increased supply. Despite the release of new models, September production remained flat due to a drop in the production of large passenger cars.
Shipbuilding
→ In September, all production indices continued to show double-digit growth on a year-on-year basis. October exports performed above the annual average with the delivery of high-value ships, but fell by 28.5 percent due to the base effect of the dramatic increase in the same month of the previous year. In September, imports rose by 58.7 percent, influenced by the increase in imports of not only ships but also ship engines and parts. Up to September, South Korea's cumulative orders increased by 22.2 percent year-on-year, including large orders for LNG carriers from Qatar, large container ships, and tankers, but orders somewhat slowed down since the second half of the year.
General Machinery
→ In September, production fell by 0.6 percent year-on-year as exports slowed down amidst growing domestic demand backed by strong capital investment and machinery orders. Exports in October decreased by 8.1 percent year-on-year, affected by sluggish exports to the United States. September imports grew by 5.3 percent year-on-year due to a delay in the recovery of demand in the downstream industries.
Steel
→ In September, production decreased by 3.3 percent year-on-year despite the start of the industry’s peak season, due to the Chuseok holiday, sluggish domestic demand, and the impact of facility maintenance. Exports in October grew by 8.8 percent year-on-year, with steel makers expanding exports to make up for sluggish domestic demand and increasing exports to ASEAN, the EU, and others. September imports shrank by 2.5 percent year-on-year despite an increase in imports from China, with sluggish domestic demand dampening imports from Japan and the US.
Oil Refining
→ In September, production increased by 1.4 percent year-on-year despite the continuation of weak refining margins, as domestic refineries maintained the upward-revised capacity utilization rate. In October, exports plunged by as much as 34.9 percent year-on-year as regular maintenance of domestic refining facilities slashed volume while unit prices continued to fall.
Wireless Communication Devices
→Global smartphone shipments have begun to increase in full swing with the arrival of the IT device replacement cycle, China's introduction of economic stimulus measures, and expectations of economic recovery following the US presidential election. In September, production increased by 10.1 percent year-on-year thanks to the recovery of exports, and shipments also grew by 36.7 percent to enable a big jump of 26.6 percent in capacity utilization rate. In September, imports of wireless communication devices soared by 59.9 percent year-on-year, driven by a huge increase in the demand for Apple’s new products.
Semiconductors
→ In October, exports grew by 40.3 percent year-on-year to reach USD 12.544 billion, and set a new monthly export record for the month of October. The September semiconductor production index was 160.3, down by 3.0 percent year-on-year and by 2.6 percent month-on-month.
Display
→ Exports in October declined by 22.7 percent year-on-year, affected by the strong performance in the previous year and a recent slowdown in demand for IT home appliances. September production fell by 0.3 percent year-on-year, and shipments (-0.2 percent) and inventories (-3.3 percent) also declined.
※ Source: Korea Institute for Industrial Economics and Trade (kiet.re.kr)