SEOUL– South Korean manufacturers’ domestic supply increased for the fifth straight quarter in the January-March period amid the economic recovery, data showed Tuesday.
The manufacturing domestic supply index stood at 107.4 in the first quarter, up 1.7 percent from a year earlier, according to the data from Statistics Korea.
The growth rate slowed from the fourth quarter of last year when it rose 3.6 percent on-year.
The index, which measures both locally produced goods and imports, serves as a major indicator of domestic demand trends.
The index extended its gains into the fifth quarter as Asia’s fourth-largest economy has been on a recovery track, supported by robust exports.
In the first quarter, supplies of locally produced goods fell 1.4 percent, affected by global supply chain disruptions and China’s COVID-19 shutdown of major cities.
But imports for the domestic supply rose 9.2 percent on-year due largely to robust demand for chips. The portion of imports took up a record high of 30.8 percent of the total domestic supply last quarter.
The index for consumer goods increased 2.9 percent on-year, while the supply of capital goods declined 5.8 percent. The supply of intermediate goods rose 3.1 percent on-year, the data showed.
South Korea’s exports jumped 12.6 percent on-year in April, extending their gains to the 18th straight month. But its trade deficit widened to US$2.66 billion due to soaring energy costs.
Source: Yonhap News Agency