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Manufacturing sentiment for Dec. improves amid recession woes: poll

Economy 14:20 November 20, 2022

SEOUL, Nov. 20 (Yonhap) -- South Korea's manufacturing confidence has improved for December despite lingering concerns over a global economic slowdown, a poll showed Sunday.

The professional survey index (PSI) for the manufacturing sector's business conditions came to 77 for next month, up from 70 for November, according to the Korea Institute for Industrial Economics & Trade (KIET).

But the reading still came below 100, which means pessimists outnumber optimists and indicates deepening woes about challenges facing the industry and the broader economy, it added.

The PSI for domestic demand next month came to 81, down from 82 for this month, to mark an on-month decline for the third straight month.

The figure for exports also fell for the third consecutive month to 79 for December, and the indexes for production and investment also went down by four points each, the survey showed.

Most sectors saw the index stay below 100, including chips, displays and chemicals, according to the survey.

But the PSI for the auto industry jumped 22 points to 106, and the figure for the steel sector rose 27 points to 100, according to the KIET.

South Korea has experienced economic challenges and market instability in recent months amid aggressive monetary tightening by the United States and other major nations to tame high inflation, and the prolonged war between Ukraine and Russia.

This file photo taken Nov. 11, 2022, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)

This file photo taken Nov. 11, 2022, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)

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