COVID-19 Causes 0.3% Decline in Domestic Supply of 3Q Manufacturing... Second Consecutive Quarter Drop

[Asia Economy Reporter Kwangho Lee] Due to the COVID-19 pandemic, domestic supply in the manufacturing sector recorded a negative growth rate for the second consecutive quarter in the third quarter.

According to the "2020 Q3 Manufacturing Domestic Supply Trends" released by Statistics Korea on the 6th, the manufacturing domestic supply index in the third quarter was 102.7, a 0.3% decrease compared to the third quarter of last year.

The manufacturing domestic supply index, calculated based on the value of domestically produced or imported manufacturing products supplied domestically, is an indicator showing overall trends and structural changes in the domestic market.

Domestic products decreased by 1.1% due to declines in other transportation equipment and electronic products, while imports increased by 1.8% due to rises in machinery equipment and electronic products.

By product type, final goods increased by 2.6%, while intermediate goods decreased by 2.2%.

Consumer goods increased by 1.2%, driven by pharmaceuticals and RV passenger cars, and capital goods increased by 5.0%, led by wafer processing equipment and flat panel display manufacturing machinery.

Intermediate goods such as naphtha and backlight units decreased.

By industry, machinery equipment (10.9%) increased, but primary metals (-8.6%) and petroleum refining (-10.8%) decreased.

This content was produced with the assistance of AI translation services.