The IHS Markit South Korea Manufacturing PMI increased to 43.4 in June 2020 from 41.3 in the previous month. The latest reading pointed to the sixth straight month of contraction in manufacturing sector amid the coronavirus crisis. New orders and output continued to fall, as demand remained weak. Overseas demand also remained in negative territory, despite the decline easing to the weakest since March. At the same time, employment dropped for a fourteenth successive month at a near survey-record pace in response to lower operating rates. On the prices front, input prices fell due to lower raw material prices. As a result, selling charges were reduced for a fifth straight month. Lastly, business sentiment remained pessimistic, due to uncertainty over COVID-19 and the potential for a sluggish recovery.

Manufacturing PMI in South Korea averaged 49.10 points from 2011 until 2020, reaching an all time high of 52.60 points in April of 2013 and a record low of 41.30 points in May of 2020. This page provides the latest reported value for - South Korea Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Markit Economics

Manufacturing PMI in South Korea is expected to be 48.10 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in South Korea to stand at 50.20 in 12 months time. In the long-term, the South Korea Manufacturing PMI is projected to trend around 49.70 points in 2021 and 49.10 points in 2022, according to our econometric models.

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South Korea Manufacturing PMI

Actual Previous Highest Lowest Dates Unit Frequency
43.40 41.30 52.60 41.30 2011 - 2020 points Monthly


News Stream
South Korea Manufacturing Shrinks for 6th Month
The IHS Markit South Korea Manufacturing PMI increased to 43.4 in June 2020 from 41.3 in the previous month. The latest reading pointed to the sixth straight month of contraction in manufacturing sector amid the coronavirus crisis. New orders and output continued to fall, as demand remained weak. Overseas demand also remained in negative territory, despite the decline easing to the weakest since March. At the same time, employment dropped for a fourteenth successive month at a near survey-record pace in response to lower operating rates. On the prices front, input prices fell due to lower raw material prices. As a result, selling charges were reduced for a fifth straight month. Lastly, business sentiment remained pessimistic, due to uncertainty over COVID-19 and the potential for a sluggish recovery.
2020-07-01
South Korea Manufacturing PMI at Over 11-Year Low
The IHS Markit South Korea Manufacturing PMI fell to 41.3 in May 2020 from 41.6 in the previous month, signalling the fastest decline in manufacturing sector conditions since January 2009 amid the coronavirus crisis. Output fell at the second-fastest rate for over 11 years, while demand remained extremely weak, particularly abroad, as extended shutdowns at clients, order cancellations, and issues with transportation weighed on sales performances. In addition, employment fell at an accelerated pace that was the fastest in over 16 years of data collection. Supply-side hindrances also persisted, with input delivery times lengthening sharply. Prices data showed further discounts to selling charges, while input cost inflation eased to a ten-month low. Lastly, business sentiment remained pessimistic, amid concerns over a protracted economic downturn and a slow recovery.
2020-06-01
South Korea Manufacturing Contraction Deepens
The IHS Markit South Korea Manufacturing PMI fell to 41.6 in April 2020 from 44.2 in the previous month, signaling the steepest deterioration in the sector since the global financial crisis due to the COVID-19 crisis. Output and new orders fell the most since January 2009, as factory shutdowns both domestically and abroad led to a sharp drop in demand. The pace of job shedding was the highest since the series began in November 2005 as companies restructured to reduce costs, while delivery times lengthened to the greatest extent in almost 16 years. Elsewhere, firms continued to run down their stocks. On the price front, costs increased amid reports of shortages, lower competition between vendors and unfavorable exchange rate movements. Nevertheless, output charges were reduced. Looking ahead, business sentiment weakened to an all-time low.
2020-05-04
South Korea Manufacturing Shrinks the Most Since 2009
The IHS Markit South Korea Manufacturing PMI fell to 44.2 in March 2020 from 48.7 in the previous month, signalling the strongest deterioration in manufacturing business conditions since the beginning of 2009. Output declined at the strongest pace in over 11 years, as production schedules were impacted by simultaneous supply-side and demand-side disruptions as result of COVID-19 pandemic. New orders fell the most since January 2009 and employment dropped the most since December 2008. Meanwhile, delivery times lengthened at their fastest rate since May 2004 due to air freight issues, staff and material shortages at vendors, factory shutdowns in China and quarantine procedures. On the price front, input costs rose modestly, while output prices charged by firms dropped. Finally, businesses were the most pessimistic since expectations were first recorded in April 2012.
2020-04-01

South Korea Manufacturing PMI
The IHS Markit South Korea Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 400 manufacturing companies. The Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.