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Economic Bulletin (Vol. 33 No.9)

Economic Bulletin (Vol. 33 No.9)

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-The Green Book: Current Economic Trends
-Policy Issues
-Economic News Briefing
-Statistical Appendices
-The Green Book: Current Economic Trends
-Policy Issues
-Economic News Briefing
-Statistical Appendices

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Published by: Republic of Korea (Korea.net) on Sep 22, 2011
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11/03/2011

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Mining and manufacturing production in July fell 0.4 percent month-on-month with slowing
down chemical products and vessels, while rising 3.8 percent year-on-year.

By business category, automobiles (up 4.1%)and semiconductors and parts (up 0.6%)
increased month-on-month, while transportation equipment (down 5.2%)and chemical
products (down 2.4%)went down.

The manufacturing inventory-shipment ratio increased month-on-month for two months in a
row, as the inventory (up 3.0%)increased while the shipments (down 1.1%)fell.

By business category, the shipments of refined petroleum (up 7.7%)and automobiles (up
4.0%)increased month-on-month, while those of semiconductors and parts (down 6.7%)
and machinery (down 3.8%)declined. The inventories of semiconductors and parts (up
11.7%)and automobiles (up 11.7%)climbed month-on-month, while those of refined
petroleum (down 14.3%)and machinery (down 2.8%)fell.

The average operation ratio of the manufacturing sector lost 0.4 percentage points to 82.1
percent, 3.8 percentage points higher than the average of 78.3 percent between 2000 and 2010.

Mining and manufacturing production is expected to continue a moderate recovery given
brisk exports. However, it may be slightly affected by a decrease in automobile production
and summer vacation.

Exports (y-o-y, %)

28.8 (Mar 2011) 23.5 (Apr) 22.0 (May) 11.2 (Jun) 25.2 (Jul) 27.1 (Aug)

Automobile production (thousand)

396 (Mar 2011) 395 (Apr) 389 (May) 438 (Jun) 392 (Jul) 320 (Aug)

Production (q-o-q, m-o-m)

(y-o-y)

- Manufacturing

ICT3

Automobiles

Shipment

- Domestic demand

- Exports

Inventory4

Average operation ratio (%)

Production capacity

1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. Information and Communications Technology
4. End-period
Source: Statistics Korea

(Percentage change from same period in previous year)

Mining and
manufacturing
activity2

Manufacturing
activity

2010

2011

Annual

-

16.2

16.7

25.2

23.1

14.4

11.5

18.2

17.4

81.2

7.2

Q2

4.2

18.8

19.3

26.7

32.1

15.9

13.3

19.5

17.5

82.3

7.2

Jul

0.5

14.8

15.2

22.5

22.2

13.0

10.8

15.9

20.3

28.7

7.8

Q1

6.1

10.6

10.9

14.3

16.1

11.9

7.2

18.4

10.3

83.1

6.8

Q21

0.0

7.2

7.4

10.5

12.1

7.2

3.7

11.7

10.0

81.4

5.8

May

1.7

8.2

8.4

12.5

10.7

8.2

5.5

11.7

7.9

81.3

5.7

Jul1

-0.4

3.8

3.8

3.7

12.0

3.0

0.9

5.7

10.1

82.1

4.4

Jun1

0.9

6.5

6.6

6.9

17.2

5.8

3.5

8.9

10.0

82.5

5.2

Economic Bulletin 19

Average manufacturing operation ratio

Source: Statistics Korea (industrial activity trend)

6-1

6-2

6-3

Industrial production

Source: Statistics Korea (industrial activity trend)

Inventory

Source: Statistics Korea (industrial activity trend)

20September 2011

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