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| This photo shows a production line of POSCO, Korea's top steelmaker, in Pohang, 272 kilometers southeast of Seoul, Jan. 1. Yonhap |
Korea's industrial output fell 1.6 percent on-month in December, data showed Tuesday, as the manufacturing sector remained sluggish amid weak exports.
Industrial production decreased at the widest margin in 32 months, shifting from a 0.4 percent rebound posted in November, according to the data from Statistics Korea.
The output in the mining, manufacturing, gas and electricity industries fell 2.9 percent on-month in December, due to the sluggish performance of the automobile and electric parts sectors, which decreased 9.5 percent and 13.1 percent, respectively.
The output of the mainstay chip industry, on the other hand, rose 4.9 percent over the period, the data showed.
The latest overall decrease in the output came amid Korea's weak exports. For December, monthly exports fell 9.5 percent on-year to stand at $54.99 billion, extending the losing streak to the third consecutive month.
The data also showed that the output from the service sector declined 0.2 percent on-month in December as losses from transportation, restaurants and accommodation sectors offset gains from financial industries.
Retail sales, a gauge of private spending, moved up 1.4 percent over the period, on the back of stronger sales of semidurable goods, such as clothes.
Facility investment dropped 7.1 percent on-month in December due to the machinery and transportation equipment sectors, the data also showed.
For all of 2022, however, the country's industrial output advanced 3.3 percent on-year, with retail sales and facility investment also gathering ground.
The increase came as the output in the mining, manufacturing, gas and electricity industries advanced 1.4 percent on the back of the electronic parts and chemical sectors, although the performance of the chip and automobile players remained sluggish.
The output from the service sector advanced 4.8 percent on-year in 2022, on the back of the robust performances of the accommodation, restaurant, financial and insurance sectors, it added.
Retail sales in 2022 moved up 0.2 percent on-year on the back of stronger sales of clothes and medical supplies.
Facility investment increased 3.3 percent over the period, the data added, led mainly by the machinery and transportation equipment sectors. (Yonhap)
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