The S&P Global South Korea Manufacturing PMI rose to 48.4 in May 2023 from 48.1 in April but remained below the 50 no-change mark and pointed to the 11th consecutive monthly deterioration in the health of the country’s manufacturing sector. Both output and new order volumes were scaled back at quicker rates than those seen in April as economic weakness at home and internationally continued to weigh on production and demand. That said, the fall in export sales slowed in the latest survey period. More positive news came from the supply side, as manufacturers signaled a further improvement in supply chains - the strongest in just over seven years. Price pressures also eased in May, as panel members signaled the softest rise in average cost burdens since September 2020. As a result, output charges were lowered for the first time in 32 months, with firms looking to stimulate purchases. Finally, the 12-month outlook for output strengthened to a ten-month high during May. source: Markit Economics

Manufacturing PMI in South Korea averaged 49.54 points from 2011 until 2023, reaching an all time high of 55.30 points in February of 2021 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 June of 2023.

Manufacturing PMI in South Korea is expected to be 50.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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South Korea Manufacturing PMI



Related Last Previous Unit Reference
Manufacturing PMI 48.40 48.10 points May 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
48.40 48.10 55.30 41.30 2011 - 2023 points Monthly

News Stream
South Korea Manufacturing PMI Stays Contractionary
The S&P Global South Korea Manufacturing PMI rose to 48.4 in May 2023 from 48.1 in April but remained below the 50 no-change mark and pointed to the 11th consecutive monthly deterioration in the health of the country’s manufacturing sector. Both output and new order volumes were scaled back at quicker rates than those seen in April as economic weakness at home and internationally continued to weigh on production and demand. That said, the fall in export sales slowed in the latest survey period. More positive news came from the supply side, as manufacturers signaled a further improvement in supply chains - the strongest in just over seven years. Price pressures also eased in May, as panel members signaled the softest rise in average cost burdens since September 2020. As a result, output charges were lowered for the first time in 32 months, with firms looking to stimulate purchases. Finally, the 12-month outlook for output strengthened to a ten-month high during May.
2023-06-01
South Korea Manufacturing PMI Stays Contractionary
The S&P Global South Korea Manufacturing PMI rose to 48.1 in April 2023 from 47.6 in March, pointing to a softer deterioration in the sector's health but remaining contractionary for the tenth consecutive month. Subdued demand conditions contributed to a twelfth successive fall in output; however, the reduction rate was the joint-weakest in a year. Positively, panel members noted that suppliers' delivery times had shortened for the first time in three-and-a-half years, providing further evidence of a gradual supply chain normalization. Moreover, improved supply chains and material availability led to a sustained cooling in input price inflation. Average cost burdens have grown the least since November 2020. Looking ahead, the outlook for output over the coming year remains optimistic amid hopes that economic conditions will improve. However, the overall degree of confidence eased to the softest in four months.
2023-05-02
South Korea Manufacturing PMI Hits 6-Month Low
The S&P Global South Korea Manufacturing PMI fell to 47.6 in March 2023 from 48.5 in February, contracting at the steepest pace in six months amid a stronger deterioration in the health of the sector at the end of the first quarter of 2023. Output and new orders both registered steeper declines, with firms suggesting that weak domestic and global economic conditions weighed heavily. At the same time, cost pressures remained widespread as the rate of input price inflation accelerated for the first time in five months and came in well above the historical series average. Employment levels also lowered for the sixth time in seven months and at the joint-quickest pace since last November. Positively, a number of firms suggested that supply chain disruptions had eased, with the time taken to deliver inputs lengthening at the softest rate since November 2019. Moreover, business sentiment also edged up to push the overall degree of optimism to an eight-month high.
2023-04-03