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S.Korea's domestic manufacturing supply grows in Q1

SEOUL
2022-05-10 11:28

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SEOUL, May 10 (Xinhua) -- South Korea's domestic supply in the manufacturing industry grew in the first quarter owing to higher import of manufacturing products, statistical office data showed Tuesday.

The index for domestic manufacturing supply, including production at home and imported manufacturing products, stood at 107.4 in the January-March quarter, up 1.7 percent from a year earlier, according to Statistics Korea.

The products supply by local manufacturers shrank 1.4 percent due to lower automotive production, caused by the supply shortage of semiconductors used to make vehicles.

The import of manufacturing products expanded 9.2 percent on solid demand for electric equipment and electronic devices.

The portion of imports to the total domestic manufacturing supply gained 2.3 percentage points from a year earlier to hit a new quarterly high of 30.8 percent in the first quarter.

The domestic supply of intermediate goods, such as materials and components used for manufacturing production, increased 3.1 percent on robust demand for system and DRAM chips.

The consumer goods supply rose 2.9 percent, but the capital goods supply reduced 5.8 percent on weaker demand for container ships.
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