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Manufacturing sentiment soars for Nov. despite pandemic: poll

Stacks of import-export cargo containers at South Korea's largest seaport in Busan, 450 kilometers southeast of Seoul on June. 4. (Yonhap)
Stacks of import-export cargo containers at South Korea's largest seaport in Busan, 450 kilometers southeast of Seoul on June. 4. (Yonhap)
South Korea's manufacturing confidence improved sharply to a record high in November despite the fallout of the coronavirus pandemic, a poll showed Monday.

The Korea Institute for Industrial Economics & Trade (KIET) said its professional survey index (PSI) for the manufacturing sector's business conditions came to 133 for November, up from 124 the previous month.

November's PSI remained above the benchmark 100 for six months running and reached the highest-ever point.

A PSI reading above 100 means optimists outnumber pessimists.

The survey was taken by 173 experts in major industries between Nov. 11 and Tuesday.

The PSI for domestic demand came to 129 in November, up from 119 in October, with that for exports climbing to 133 from 122.

The PSI for production stood at 123, hovering above the benchmark 100 for the fifth consecutive month. The subindex for investment gained for three months on end but came to the below-par level of 96.

The shipbuilding, machinery and textile industries chalked off double-digit increases in November, leading the overall PSI rise, the state-run think tank said.

The PSI for manufacturers' business outlook, meanwhile, came to 120 for December, up from 119 for November and staying above par for the sixth straight month, according to the survey. (Yonhap)
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