SEOUL : South Korea's factory activity shrank for a sixth consecutive month in December, a business survey showed on Monday, as the global economic downturn and a local truckers' strike led to the worst slump in demand in 2-1/2 years.The S&P Global purchasing managers' index (PMI) for South Korea manufact
SEOUL : South Korea's factory activity shrank for a sixth consecutive month in December, a business survey showed on Monday, as the global economic downturn and a local truckers' strike led to the worst slump in demand in 2-1/2 years.
It fell again after two months of slight improvements from a more than two-year low of 47.3 reached in September, but remained below the 50-mark that separates expansion from contraction for the sixth month in a row. In particular, new orders fell at the fastest pace since June 2020, both for overall orders and exports, while input purchases and backlogs of work also decreased at the fastest pace in about 2-1/2 years.
"The December PMI data provided further evidence that South Korean manufacturing firms have continued to struggle in the face of the current global economic downturn," said Laura Denman, economist at S&P Global Market Intelligence.
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