The manufacturing sector in South Korea continued to contract in April, albeit at a slower pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 48.1.
That's up from 47.6 in March, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Central to the sub-50.0 headline reading was a further decline in new order inflows in April. Despite softening from March, the rate of reduction remained solid, with the fall often attributed to a weaker global economy and subdued client confidence.
Both were also cited as reasons for the sustained and moderate reduction in new export orders in the latest survey period. Mirroring current demand trends, firms cut back production in the latest survey period, although the reduction was the joint-slowest in the current 12-month sequence of contraction.
