The activity of South Korean factories decreased
reported by %20%0A
Production and new orders fell in September after five straight months of gains, with the steepest declines in 11 months and 15 months, respectively. While weak domestic demand was cited in the survey as the main factor behind the decline in orders, new export business also recorded its first contraction of the year.
According to this survey, in particular, export sales to China, Japan, India and America have weakened. According to economists at S&P Global, South Korea’s manufacturing sector experienced a turnaround during September. The future perspective is also uncertain.
South Korea’s economy shrank unexpectedly in the second quarter, recording its sharpest contraction since the fourth quarter of 2022. Therefore, South Korean officials are counting on exports to help boost growth.
The survey showed that job backlogs, a gauge of near-term activity, fell by the most in five months, while optimism for the year ahead fell sharply to the lowest level since December. 2022 has arrived.
Employment has also decreased the most during one to one and a half years. In September, the country’s tech giant Samsung decided to cut 30 percent of its workforce overseas, and battery company SK On announced a plan for voluntary layoffs aimed at cutting jobs.
