The manufacturing sector in South Korea continued to contract in October, albeit at a slower pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 48.2.
That's up from 47.3 in September, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
The latest decline was the sixth in as many months and was frequently linked to weak demand conditions and ongoing supply issues. That said, the rate of reduction softened from September and was the slowest in three months. In line with the picture for output, order book volumes declined for the fourth month running in October.
Subdued demand reportedly stemmed from current global economic conditions and inflationary pressures, often caused by exchange rate weakness. Similar reasons were also cited as the driving forces behind the latest drop in demand from overseas. The rates of decline, however, did both soften from September and were the slowest in three months.
