The S&P Global South Korea Manufacturing PMI rose to 49.4 in July 2023 from 47.8 in June, pointing to the 13th straight monthly deterioration in the health of the country’s manufacturing sector, but signaling the softest rate of decline in a year. A slower reduction in output levels in July was accompanied by the slowest reduction in total new orders for a year, in part due to a renewed expansion in exports that was the first since February 2022. In response to the positive indications for demand conditions during July, manufacturers increased staffing levels for the 3rd month in a row and at the steepest rate for nearly a year-and-a-half. Moreover, South Korean goods producers signaled a renewed reduction in input costs, with input prices falling at the fastest pace since July 2017. Looking ahead, firms grew more optimistic on future output amid hopes that improved demand conditions and new product launches would be paired with a sustained improvement in global economic conditions. source: Markit Economics

Manufacturing PMI in South Korea averaged 49.53 points from 2011 until 2023, reaching an all time high of 55.30 points in February of 2021 and a record low of 41.30 points in May of 2020. This page provides the latest reported value for - South Korea Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Manufacturing PMI in South Korea is expected to be 51.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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South Korea Manufacturing PMI



Related Last Previous Unit Reference
Manufacturing PMI 49.40 47.80 points Jul 2023

South Korea Manufacturing PMI
The IHS Markit South Korea Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 400 manufacturing companies. The Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.
Actual Previous Highest Lowest Dates Unit Frequency
49.40 47.80 55.30 41.30 2011 - 2023 points Monthly

News Stream
S.Korea Manufacturing Logs Softest Contraction in a Year
The S&P Global South Korea Manufacturing PMI rose to 49.4 in July 2023 from 47.8 in June, pointing to the 13th straight monthly deterioration in the health of the country’s manufacturing sector, but signaling the softest rate of decline in a year. A slower reduction in output levels in July was accompanied by the slowest reduction in total new orders for a year, in part due to a renewed expansion in exports that was the first since February 2022. In response to the positive indications for demand conditions during July, manufacturers increased staffing levels for the 3rd month in a row and at the steepest rate for nearly a year-and-a-half. Moreover, South Korean goods producers signaled a renewed reduction in input costs, with input prices falling at the fastest pace since July 2017. Looking ahead, firms grew more optimistic on future output amid hopes that improved demand conditions and new product launches would be paired with a sustained improvement in global economic conditions.
2023-08-01
South Korea Manufacturing Contracts for 12th Month
The S&P Global South Korea Manufacturing PMI fell to 47.8 in June 2023 from 48.4 in May, pointing to the 12th consecutive monthly deterioration in the health of the country’s manufacturing sector. The latest PMI data pointed to sustained contractions in both output and new orders amid subdued economic conditions at home and internationally, with rates of decline accelerating since May. Manufacturers also signaled that muted operating conditions had dampened their outlook regarding future output. Confidence in the year-ahead outlook dipped to the lowest level in 2023 to-date amid uncertainty regarding the timing of any recovery in demand as well as the likelihood of prolonged economic weaknesses. Meanwhile, inflationary pressures eased at the end of the second quarter, with both input price inflation and factory gate charges decelerating in June.
2023-07-03
South Korea Manufacturing PMI Stays Contractionary
The S&P Global South Korea Manufacturing PMI rose to 48.4 in May 2023 from 48.1 in April but remained below the 50 no-change mark and pointed to the 11th consecutive monthly deterioration in the health of the country’s manufacturing sector. Both output and new order volumes were scaled back at quicker rates than those seen in April as economic weakness at home and internationally continued to weigh on production and demand. That said, the fall in export sales slowed in the latest survey period. More positive news came from the supply side, as manufacturers signaled a further improvement in supply chains - the strongest in just over seven years. Price pressures also eased in May, as panel members signaled the softest rise in average cost burdens since September 2020. As a result, output charges were lowered for the first time in 32 months, with firms looking to stimulate purchases. Finally, the 12-month outlook for output strengthened to a ten-month high during May.
2023-06-01