South Korea Manufacturing Expands for 2nd Month

The S&P Global South Korea Manufacturing PMI fell to 50.7 in February 2024 from 51.2 in the previous month, remaining expansionary for the 2nd straight period although at a softer pace.

Both output and new orders signaled a 2nd successive monthly increase albeit the rate of growth eased from that seen in January.

Concurrently, the rise in export orders slowed from the prior month and was only fractional overall.

Despite smaller advances in activity and demand, backlogs of work rose for the first time since October 2022.

Subsequently, firms raised their staffing levels for the 6th consecutive period, and at the sharpest rate since October 2023.

On prices, input costs went up markedly amid higher raw materials and currency weakness, leading output charges to grow at its fastest pace in 3 months.

Looking ahead, South Korean manufacturers remained positive about the 12-month outlook on production.