Factory Output in South Korea Drops Further Amid Weak Exports
- April output falls 2.8% y/y, more than 0.6% decline month ago
- Inventory-to-shipment ratio of 124.2% indicates tough times
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South Korea’s industrial production fell more than economists expected as weak exports and corporate restructuring of shipbuilders continue to hurt demand and business sentiment.
Factory output dropped 2.8 percent from a year earlier in April, Statistics Korea said Tuesday, compared with a 1.3 percent decline estimated by economists in a Bloomberg survey. Production fell 1.3 percent from a month earlier.