October Gwangju Manufacturing Production Continues to Decline

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Manufacturing production in the Gwangju region decreased in October.

According to the real economy trends announced on the 12th by the Bank of Korea Gwangju-Jeonnam Headquarters, manufacturing production in the Gwangju region fell by 4.2% compared to the same month last year.

Production declined mainly in automobiles (-19.8%) and rubber & plastics (-6.7%), but the rate of decrease narrowed compared to the previous month.

Manufacturing shipments increased by 1.0%, and inventories rose by 8.9%.

The large retail store sales index increased by 9.5%. Among these, department store sales continued to grow from 21.4% in the previous month to 18.1%, while large discount stores saw a reduced decline from 13.3% to 3.4%.

Machinery imports, an indicator of facility investment, decreased by 13.0%.

Building permits and housing starts, which indicate construction investment trends, increased by 89.9% and 97.8%, respectively. This was due to a significant rise in new construction centered on industrial and residential buildings.

Unsold apartments numbered 33, down from 36 in the previous month.

Exports rose by 0.1%, despite a decrease in automobiles (-31.1%), supported by strong performance in electronics and electrical equipment (18.6%).

In November, consumer prices rose by 4.3%, driven by increases in transportation (14.1%), food and non-alcoholic beverages (7.8%), and household goods and services (4.9%).

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