SEOUL, October 2, 2024 – South Korea’s manufacturing sector experienced a downturn in September, as evidenced by the latest performance metrics. According to S&P Global, the South Korea Manufacturing Purchasing Managers’ Index (PMI) fell to 48.3, down from August’s reading of 51.9.
The PMI, an indicator of the economic health of the manufacturing sector, suggests a contraction when below the 50.0 mark. The notable drop from August to September indicates a slowing momentum in production and new orders, reflecting a challenging environment for manufacturers.
Analysts point to several potential factors driving this decline, such as weakening global demand, supply chain disruptions, and increased competition. As the sector adapts to these pressures, stakeholders are keenly watching for future policy steps and market signals that could help reignite growth in the months to come.
