FX.co ★ South Korea Industrial Production Slips 2.1% In March

As reported by Statistics Korea on Tuesday, industrial production in South Korea experienced a decline of 2.1% on a seasonally adjusted basis during the month of March. This comes after it witnessed an increase of 3.1% in the month of February.

The industries that witnessed the most significant declines were the mining industry with a decrease of 3.2% and the services industry with a drop of 0.8%. Furthermore, declines were also observed in the wholesale and retail sectors, as well as in lodging and restaurant sectors.

On a positive note, an increase of 1.6% was recorded in retail sales, primarily propelled by higher sales in food, beverages, and passenger cars.

There was a significant drop of 6.6% in investment in facilities due to reduced investments in machinery and transportation equipment. Construction equipment sector too saw a decline, by 8.7%, largely due to a decrease in construction and civil engineering work.