S Korea's factory activity extends growth despite supply, virus worries
South Korea 's factory activity grew for a 10th straight month in July, driven by a solid expansion in production and new orders, though ...
BusinessSouth Korea's factory activity grew for a 10th straight month in July, driven by a solid expansion in production and new orders, though supply-chain disruptions continued to add strains on manufacturers, with both input and output prices rising.
FILE PHOTO: Employees work at a bio plant factory of Hanmi Pharm in Pyeongtaek, South Korea, July 1, 2021. Picture taken July 1, 2021. REUTERS/Heo Ran02 Aug 2021 08:40AMShare this contentBookmarkSEOUL: South Korea's factory activity grew for a 10th straight month in July, driven by a solid expansion in production and new orders, though supply-chain disruptions continued to add strains on manufacturers, with both input and output prices rising.
The IHS Markit purchasing managers' index (PMI) for July stood at 53.0, slipping from 53.9 in June but holding above the 50-mark, which indicates an expansion in activity.AdvertisementAdvertisement"South Korean manufacturers continued to report a sustained improvement in operating conditions at the start of the second half of the year as production levels continued to expand," said Usamah Bhatti, economist at IHS Markit. headtopics.com
The sub-index for output stood at 53.5, marking the 11thconsecutive month of expansion, and up from 53.3 amonth earlier.To meet the increased production, firms continued to raise staffing levels for another month, though the rate was the softest in five months.
Total new orders and export orders both expanded for a 10th month but the pace of growth slightly eased from June as highly contagious Delta variant and related curbs weakened global demand.AdvertisementAdvertisement"Anecdotal evidence suggested a resurgence in COVID-19 cases across Asia and ongoing supply chain disruption had led to demand easing in domestic and external markets," Bhatti said.
Monday's survey showed that raw material shortages and delivery delays continued, leading to a further increase in input prices. That also put firms under pressure to pass higher costs on to their clients.The sub-index for input prices stood at the second-highest on record, extending the rise to a 13th straight month, while the pace for output prices hit an all-time high.
Looking ahead, firms remained positive over the coming 12 months on expectations that output and demand would rise and the launches of new products would further boost the sector, but the gauge of optimism eased to a seven-month low.Advertisement"Ongoing supply chain disruption and the resurgence of the virus also contributed to a softening in business sentiment. The degree of optimism was the lowest since December 2020, yet was strong overall," Bhatti added. headtopics.com
(Reporting by Joori Roh; Editing by Sam Holmes) Read more: CNA »
Covid-19: S’pore ‘neither reversing nor racing ahead’ with reopening but pausing to slow, monitor spread, say ministers
SINGAPORE — In the face of questions over the progress of Singapore’s reopening amid a recent surge in Covid-19 cases, Health Minister Ong Ye Kung said on Friday (Sept 10) that the country is neither “reversing” nor “racing ahead” but will take the next two to four weeks to slow down transmission and monitor the rise in infections.
South Korea's record-breaking Olympic archer fought sexism from day oneTOKYO: South Korea 's An San was ice-cool as she defied online sexist abuse to seal a hat-trick of gold medals at the Tokyo Olympics, but the ace ... Going to be all red next week 😡 너무 멋져요, 그녀는 올림픽에서 금메달과 기록적인 성적을 낸 한국의 놀라운 말괄량이 양궁 선수입니다! 흥분되고 즐거운 감정, 그녀가 스포츠 생활에서 항상 건강하고 성공하기를 바랍니다 😍🔥🏆
Rhino killings on the rise in South AfricaAt least 249 rhinos were killed the first six months of this year in South Africa, the environment minister said Saturday, partly pushed by the ...
Japan's factory activity growth picks up, costs rapidly riseJapan's factory output growth picked up in July due to a stronger expansion of output and new orders, as manufacturers benefited from a continuing ...
Renault locks in lithium supply from Vulcan Energy in five-year dealGerman-Australian start-up Vulcan Energy Resources Ltd said on Monday it has signed a deal to supply lithium to Renault SA, the latest move by an ...