Q2 Domestic Supply in Manufacturing Up 9.2% 'Record High'... Increase in Automobiles and Machinery Equipment

Statistics Korea to Announce 'Q2 Domestic Supply Trends in Manufacturing' on the 10th

(Photo by Asia Economy)

[Asia Economy Reporter Jang Sehee] Domestic supply in the manufacturing industry, which had slowed due to the COVID-19 pandemic, recorded an all-time high compared to the same period last year.

According to the '2nd Quarter Manufacturing Domestic Supply Trends' announced by Statistics Korea on the 10th, the manufacturing domestic supply index for the first quarter was 111.1 (2015=100), an increase of 9.2% compared to a year earlier.

This index, which recorded -4.9% in the second quarter of last year, showed -0.5% and -1.5% in the third and fourth quarters respectively due to the impact of COVID-19. It then turned to an increase of 3.3% in the first quarter.

The manufacturing domestic supply index represents the value (real) of manufacturing products produced domestically or imported from abroad and supplied domestically, serving as an indicator of domestic market trends.

The increase in manufacturing domestic supply was largely influenced by a 17.2% rise in imports of electronic products, machinery, and equipment.

A Statistics Korea official explained, "The 17.2% increase on the import side had a significant impact," adding, "In particular, looking at intermediate goods, imports of automobile parts and system semiconductors increased significantly."

Examining manufacturing domestic supply by type, intermediate goods increased by 13.8% due to growth in automobile parts and system semiconductors.

Final goods increased by 3.3%. Capital goods rose by 5.3%, driven by increases in wafer processing equipment and semiconductor inspection equipment.

Meanwhile, by industry, other transportation equipment decreased by 32.9%, but automobiles (16.2%), machinery and equipment (15.0%), and chemical products (14.5%) increased.

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