South Korea March factory output falls most in 15 months

By Thomson Reuters Apr 29, 2024 | 6:14 PM

SEOUL (Reuters) – South Korea’s factory output fell in March by the most in 15 months, government data showed on Tuesday, missing market expectations.

The industrial production index fell 3.2% from a month earlier on a seasonally adjusted basis, after a gain of 2.9% in February and compared with a rise of 0.6% tipped in a Reuters survey of economists.

It was the fastest monthly fall since December 2022 and caused by declines in metal processing and electronic parts, according to Statistics Korea.

On an annual basis, production rose 0.7%, slower than the previous month’s 4.6% rise and an increase of 5.4% expected by economists.

(Reporting by Jihoon Lee; Editing by Christopher Cushing)