SEOUL, Sept 1 (Reuters) – South Korea’s factory sector recorded a ninth consecutive month of activity growth in August, underpinned by robust export demand, a survey showed on Tuesday.
• The purchasing managers index (PMI), published by S&P Global, stood at 52.3 in August, down from 53.1 in July, but staying above the 50 mark separating expansion from contraction for a ninth consecutive month.
• Manufacturers continued to report healthy new orders with a sub-index measuring new orders at 53.5 in August compared with 54.8 in July, according to the survey.
• “While August PMI data signaled an easing of overall new order growth across South Korean manufacturers, a robust increase in export demand – the strongest recorded since November 2020 – is an encouraging sign that firms are still benefitting from the current AI and semiconductor supercycle,” said David Owen, an economist at S&P Global Market Intelligence.
• Asia’s fourth-largest economy grew faster than expected in the second quarter, driven by a semiconductor export boom that offset a decline in construction investment.
(Reporting by Cynthia Kim; Editing by Sam Holmes)
