Domestic Supply in Manufacturing Up 5.3% in Q3... Import Share Hits New Record Again

Statistics Korea '2022 3rd Quarter Domestic Supply Trends in Manufacturing Industry'

[Asia Economy Sejong=Reporter Kim Hyewon] Domestic supply of manufacturing products in the third quarter of this year increased by 5.3% compared to a year ago, as both domestic and imported products rose.

The proportion of imports in the total supply of manufacturing products set a new record again.

According to the "2022 3rd Quarter Manufacturing Domestic Supply Trends" announced by Statistics Korea on the 8th, the manufacturing domestic supply index (preliminary) for the third quarter was 110.9, up 5.3% from 105.3 in the same period last year.

The manufacturing domestic supply index quantifies the real supply value of manufacturing products produced domestically and shipped domestically or produced abroad and distributed domestically, reflecting domestic demand trends.

In the third quarter, domestic supply increased by 2.1%, and imports rose by 13%, respectively.

The import share in domestic supply rose by 2.0 percentage points from a year ago to 32.2%. This is the highest since statistics compilation began in 2010. It also increased by 1.5 percentage points compared to the second quarter (30.7%).

By industry, electronic products (18.6%) and automobiles (18.6%) saw significant increases. In contrast, primary metals decreased by 7.6%.

By type of goods, final goods domestic supply increased by 4% year-on-year, with both consumer goods (5%) and capital goods (2.6%) rising.

Intermediate goods supply increased by 6.3%, with domestic products up 1.7% and imports up 17.4%. Imports have been increasing for eight consecutive quarters. This is interpreted as an increase in intermediate goods supply due to an industrial structure where finished products are made through imports and then exported again.

Regarding import share, the proportion of imports in final goods was 34.5%, up 1.5 percentage points from a year ago. Consumer goods (31.8%) rose by 2.6 percentage points, while capital goods (38.7%) remained flat.

Import share in intermediate goods rose by 2.4 percentage points to 30.9%.

By industry, import shares increased by 6.9 percentage points in chemical products (37.9%), 5.9 percentage points in electrical equipment (36.7%), and 5.5 percentage points in apparel and fur (42.4%). In contrast, petroleum refining fell by 8.4 percentage points to 28.4%.

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