Manufacturers' domestic supply grows for 6th quarter in Q2

All News 12:00 August 09, 2022

SEOUL, Aug. 9 (Yonhap) -- South Korean manufacturers' domestic supply increased for the sixth straight quarter in the April-June period as exports remained robust despite the global economic slowdown, data showed Tuesday.

The manufacturing domestic supply index stood at 112.7 in the second quarter, up 1.5 percent from the previous year, according to the data from Statistics Korea.

The index, which measures both locally produced goods and imports, serves as a major indicator of domestic demand trends.

The index rose for the sixth straight quarter as exports remained robust due to solid demand for chips and autos, the statistics agency said.

In the second quarter, supplies of locally produced goods fell 1.4 percent. But imports for domestic use rose 8.6 percent due to robust demand for parts needed to produce chips and batteries.

Imports took up a record high of 30.7 percent of the total domestic supply last quarter.

The index for consumer goods fell 0.4 percent on-year, and the supply of capital goods declined 2.2 percent. The supply of intermediate goods increased 3.4 percent on-year, the data showed.

South Korea's exports advanced 9.4 percent on-year in July, the 21st consecutive month of growth. But the country suffered a trade deficit for the fourth straight month amid high global energy prices.