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Industrial output rebounds in November on rising chip production

By Yonhap

Published : Dec. 28, 2023 - 10:39

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An official looks at a semiconductor wafer on display at the Semiconductor Exhibition, or SEDEX, in Seoul on Oct. 25. (Yonhap) An official looks at a semiconductor wafer on display at the Semiconductor Exhibition, or SEDEX, in Seoul on Oct. 25. (Yonhap)

South Korea's industrial output inched up in November on a solid increase in the production of the semiconductor sector, data showed Thursday.

Industrial production rose 0.5 percent on-month last month after a 1.8 percent decline logged a month earlier, according to the data compiled by Statistics Korea.

Compared with a year earlier, industrial output rose 2.5 percent last month.

November's increase came as the production of the semiconductor sector advanced 12.8 percent on-month in November, rebounding from a 12.6 percent fall the month earlier.

The brisk output from the semiconductor field caused the output of the overall manufacturing sector to rise 3.3 percent last month.

"Exports of memory chips have risen as demand for AI chips has risen," an agency official said.

Output from the service sector, however, lost 0.1 percent on-month, the data showed.

Retail sales, a gauge of private spending, climbed 1 percent on-month in November, following a 0.8 percent decrease the previous month.

It was the largest growth since February, when the sales jumped 5.2 percent.

The growth was led by rising demand for vehicles, electronics and other durable goods.

Facility investment, however, fell 2.6 percent on-month, the second monthly fall, and construction investment slid 4.1 percent on-month, the data showed.

"The improvement in industrial activities in November indicated an economic recovery centered on the manufacturing sector. The government will put priority on risk management and the enhancement of domestic demand," the finance ministry said in a release. (Yonhap)