Industrial output, investment rise in July despite Japan’s export curbs
Sept 6, 2019
Global Korean Post
By Lee Hana
Despite Japan’s imposition of export restrictions and increased economic uncertainty coming from abroad, Korean industries showed positive trends in July, Statistics Korea said on Aug. 30.
Quoting a monthly report on industrial statistics, the government data agency said industrial production increased 1.2% overall in July from June.
Mining and manufacturing saw growth of 2.6%, the highest in 32 months, with car production rising 6.3% and chemical products 7.3%. The service sector, meanwhile, saw 2.4% growth in finance and insurance as well as in information and communications technology.
The equipment investment index rose 2.1% from the previous month.
The retail sales index, a gauge of consumption trends, dropped 0.9% from the previous month. Sales of durable goods like household appliances decreased 2.0% and those of semi-durable goods like clothing dipped 1.6%.
Meanwhile, economic indexes reflecting the country’s economic situation saw partial rises with minimal decreases, while those predicting turning points in the business cycle continued to decrease from the previous month.
On such industry trends, the Ministry of Economy and Finance said overall industrial production “showed positive growth though we’ve had to deal with more external uncertainty like Japan’s export curbs.”
“The government will continue preparing for all external risk including Japanese regulations, speed up the process of revising its supplementary budget, and use all policy options available to invigorate the economy and stimulate investment, exports and consumption.”