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S. Korea's industrial production rises for 2 months

Xinhua, July 29, 2016 Adjust font size:

Industrial production in South Korea rose for two straight months due to improved services industry production that offset reduction in exports slump in the auto and metal sectors, a government report showed on Friday.

Production in all industries rose 0.6 percent in June from a month earlier, according to Statistics Korea. It was down from a 1.9 percent expansion in May, but kept an upward trend for two months in a row after falling 0.7 percent in April.

Services industry production increased 1.0 percent in June compared with the previous month, marking the highest since December last year.

It offset a 0.2 percent fall in the mining and manufacturing industries. Chip production jumped 11.1 percent, with those in communications and broadcasting equipments growing 4.7 percent. But, output in automobiles and primary metals reduced 2.5 percent and 3.0 percent respectively.

Chip production posted a double-digit increase as demand rose for chips used in smartphones especially among Chinese manufacturers. Chip demand also increased ahead of the releases of Samsung Electronics' Galaxy Note 7 and Apple's iPhone 7.

Auto production declined on soft demand in emerging economies, and steel output weakened on the back of a seasonal factor.

Inventory among manufacturers shed 0.1 percent, with the inventory ratio falling 0.3 percentage points from a month earlier to 122.2 percent in June.

Manufacturers posted a factory utilization rate of 72.1 percent in June, down 0.9 percentage points from a month ago. Endit