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Large manufacturers' revenue in S. Korea posts biggest decline in 12 years

Xinhua, September 22, 2015 Adjust font size:

Revenue of large manufacturing companies in South Korea posted the largest decline in 12 years during the second quarter due to lower commodity prices and the slump in the shipbuilding industry, central bank data showed Tuesday.

According to the Bank of Korea (BOK)'s sample survey of about 16,000 companies subject to external audit, their average revenue shrank 4.3 percent in the second quarter from a year earlier after sliding 4.7 percent in the prior quarter.

Among large companies, manufacturers saw revenue tumble 7.5 percent during the quarter, marking the biggest decline since the related data began to be compiled in 2003.

The BOK attributed the biggest reduction in 12 years to falling prices in crude oil, natural gas and iron ore that led to lower export prices and a fall in revenue especially among large exporters.

By industry, revenue in the oil and chemical sector plunged 15. 9 percent on lower commodity prices, followed by an 11.4 percent decline for the electricity and gas sector and a 6.6 percent fall for the metals-making industry.

Economic slowdown in China, South Korea's largest trade partner, resulted in a 3.6 percent fall in revenue for the machinery, electric and electronics sector in the second quarter from a year earlier.

Revenue in the transport equipment industry slid 3.7 percent in the quarter on the back of the worsened activity in the shipbuilding industry. Endi