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South Korea's industrial output gained ground slightly for the second straight month in August on a rise in output in the chipmaking and electronic sectors, but the uptick was offset by sluggish retail sales and corporate investment, government data showed Friday.
Production in the mining, manufacturing, gas and electricity industries climbed 0.4 percent on-month in August, following an adjusted 1.7 percent rise in the previous month, according to the data by Statistics Korea.
It is the first time in nearly two years that the figure remained in positive terrain for two months in a row.
From a year earlier, industrial output also increased 2.7 percent last month.
Production in the service sector added 0.1 percent last month from a month earlier, with a 2.1 percent on-year rise.
Production in the mining, manufacturing, gas and electricity industries climbed 0.4 percent on-month in August, following an adjusted 1.7 percent rise in the previous month, according to the data by Statistics Korea.
It is the first time in nearly two years that the figure remained in positive terrain for two months in a row.
From a year earlier, industrial output also increased 2.7 percent last month.
Production in the service sector added 0.1 percent last month from a month earlier, with a 2.1 percent on-year rise.
Retail sales, however, fell 1 percent on-month in August, snapping a two-month winning streak for June and July.
The statistics office said a rise in demand for smartphones from companies like Samsung Electronics Co., Apple Inc. and LG Electronics Inc. boosted demand for South Korean-made mobile chips and electronic parts like OLED panels.
Production of semiconductors jumped 12.4 percent last month from a month earlier, expanding from a 1.1-percent rise in July, while electronic components rose 5.5 percent on-year.
But the rest of the production side remained lukewarm as the average facility operation rate dropped 1.1 percentage points to 72 percent last month.
Private consumption turned to a downside cycle as people refrained from buying durable goods like cars and home appliances.
Facility investment dropped 0.3 percent on-month in August for the second consecutive month, while construction orders decreased 3.4 percent from a year earlier.
As a result, output of all industries, covering the manufacturing, service and retail businesses and corporate investment, stayed unchanged from a month earlier.
"The investment sector contracted to some extent last month as companies are tightening their belts," said Eo Woon-sun, director of the short-term industrial statistics division at Statistics Korea. (Yonhap)
