South Korea's manufacturing industry shrank to a record low of minus 13.5 percent for the first quarter of 2009, local media reported on Monday.

According to South Korea's Korea Herald, the nation's manufacturing growth continued its downward move from the previous quarter’s minus 9.1 percent growth, marking the worst quarterly performance since relate data began being compiled in 1970.

"With a sharp decline in demand both at home and abroad, companies have seen inventory piling up since July last year," a local economist was quoted as saying by the Korea Herald, adding that companies are now getting rid of the inventory, instead of newly producing,

Local experts said that the sharp contraction in the manufacturing sector likely has pulled down the overall South Korean economy, which posted a 4.3 percent contraction for the first quarter of 2009, according to the Korea Herald.

(Xinhua News Agency April 27, 2009)