S.Korea's industrial production rebounds in May on easing export fall

South Korea's industrial production rebounded last month on the back of brisk industrial activity in the automobile and semiconductor sectors, a government report showed on Thursday.

Output in all industries increased 1.7 percent in May from a month earlier, after sliding 0.8 percent in the previous month, according to Statistics Korea. It was the fastest monthly growth in 15 months since February last year.

Semiconductor output expanded 9.9 percent on strong demand from China, where smarpthone production increased, while car production gained 3.7 percent due to demand from local consumers.

Production in telecommunications and broadcasting equipments tumbled 11 percent in May from a month earlier, and those in textiles reduced 2.5 percent.

Output in the mining and manufacturing industries grew 2.5 percent in May from the previous month. Inventory among manufacturers inched up 0.3 percent, while the factory utilization rate of manufacturers rose 1.5 percentage points to 72.8 percent.

Services industry production rose 1.0 percent in May due to brisk activity in finance, insurance, social welfare and health sectors.

The retail sales index, which reflects private consumption, gained 0.6 percent from a month earlier to stand at 119.5, marking the record high. Demand for semi-durables gained 1.2 percent, and sales in durable goods such as automobiles increased 1.1 percent. Endit