The S&P Global South Korea Manufacturing PMI rose to 49 in November 2022 from 48.2 in October, signaling a sustained contraction in the country’s manufacturing sector, though the rate of decline slowed for the second straight month and was only mild overall. Output and new orders both registered weaker declines, attributed mainly to easing supply chain disruptions. Concurrently, buying activity and inventory levels were reflective of South Korea's manufacturing sector's demand climate. Employment levels lowered for the third month running and at the sharpest rate in four. Meanwhile, input prices rose at a rate well above the series average and the rate of selling price inflation accelerated to a four-month high. Cost pressures not only continued to dampen demand but also weighed upon overall business sentiment which was at the lowest level since September 2020. source: Markit Economics

Manufacturing PMI in South Korea averaged 49.60 points from 2011 until 2022, 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 December of 2022.

Manufacturing PMI in South Korea is expected to be 48.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Manufacturing PMI is projected to trend around 50.00 points in 2023 and 50.30 points in 2024, according to our econometric models.

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South Korea Manufacturing PMI



Related Last Previous Unit Reference
Manufacturing PMI 49.00 48.20 points Nov 2022

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
49.00 48.20 55.30 41.30 2011 - 2022 points Monthly

News Stream
S.Korea Manufacturing PMI Posts Milder Contraction
The S&P Global South Korea Manufacturing PMI rose to 49 in November 2022 from 48.2 in October, signaling a sustained contraction in the country’s manufacturing sector, though the rate of decline slowed for the second straight month and was only mild overall. Output and new orders both registered weaker declines, attributed mainly to easing supply chain disruptions. Concurrently, buying activity and inventory levels were reflective of South Korea's manufacturing sector's demand climate. Employment levels lowered for the third month running and at the sharpest rate in four. Meanwhile, input prices rose at a rate well above the series average and the rate of selling price inflation accelerated to a four-month high. Cost pressures not only continued to dampen demand but also weighed upon overall business sentiment which was at the lowest level since September 2020.
2022-12-01
South Korea Manufacturing PMI Shrinks Less than Expected
The S&P Global South Korea Manufacturing PMI rose to 48.2 in October 2022 from 47.3 in September, contracting for the 4th straight month, but coming in higher than forecasts for a further deterioration to 46.1. The rate of decline was also the softest in 3 months. The latest survey data pointed to further contractions in output and new orders as global economic conditions and ongoing cost pressures, often linked to exchange rate weakness, reportedly dampened demand conditions. At the same time, buying activity continued to fall and inventories registered renewed declines as firms reportedly lowered both in line with current and anticipated output levels. October data also pointed to a further reduction in staffing levels, though panel members suggested that the latest round of job shedding was primarily driven by voluntary resignations rather than by layoffs. Rates of inflation remained historically sharp while the degree of confidence dipped to the lowest level since September 2020.
2022-11-01
South Korea Manufacturing Shrinks for 3rd Month
The S&P Global South Korea Manufacturing PMI declined to 47.3 in September 2022 from 47.6 in August. This was the third straight month of contraction in factory activity and one that was the steepest since July 2020, as another drop in new orders drove output volumes down to the quickest extent since the midst of the first COVID-19 wave in 2020. New orders fell strongly, reflecting weak demand conditions in both domestic and external markets, amid subdued economic conditions at key trading partners and high inflation. Meanwhile, employment levels were broadly stable, with declining in backlogs of work. Delivery times lengthened to the least in over two-and-a-half years, as weaker demand conditions eased pressure on supply chains. On prices, input cost inflation slowed, while output cost inflation eased to the softest since February 2021. Lastly, business confidence weakened amid the impeding global economic downturn and a further deterioration in demand due to rapid inflation.
2022-10-04