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Industrial output falls by most in 11 months in April

Finance 08:32 May 31, 2021

By Kim Soo-yeon

SEOUL, May 31 (Yonhap) -- South Korea's industrial output declined the most in 11 months in April as production in the chipmaking industry slumped due largely to a higher base effect, data showed Monday.

The industrial output decreased 1.1 percent in April from the previous month, a turnaround from a 0.9 percent on-month increase in March, according to the data compiled by Statistics Korea.

Industrial output declined last month following the second straight month of gains. The reading also marked the largest on-month decline since May last year, when industrial production dropped 1.5 percent.

From a year earlier, it rose 8.8 percent.

The decline in industry output came as production in the manufacturing sector dipped, led by a fall in production in the chipmaking industry.

Production in the semiconductor industry fell 10.8 percent on-month in April.

But retail sales, a gauge of private spending, grew last month as people increased outdoor activity amid warm weather and eased social distancing rules.

Retail sales increased 2.3 percent from a month earlier, compared with a 2.3 percent on-month gain in March, the data showed.

Facility investment gained 3.5 percent on-month in April, after staying flat the previous month.

This photo, taken May 21, 2021, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)

sooyeon@yna.co.kr
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