Industrial production in South Korea advanced a seasonally adjusted 3.4 percent on month in April, Statistics Korea said in Thursday’s preliminary reading.
That exceeded forecasts for an increase of 1.0 percent following the upwardly revised 2.2 percent contraction in March (originally -2.5 percent).
On a yearly basis, industrial production advanced 0.9 percent – again exceeding expectations for a fall of 1.0 percent following the upwardly revised 4.0 percent decline in the previous month (originally -4.3 percent).
The index of all industry production was up 1.5 percent on month and 2.0 percent on year in April.
The Manufacturing Production Index increased 3.5 percent on month and 0.7 percent on year. The Manufacturing Shipment Index added 1.9 percent on month but fell 1.6 percent on year. The Manufacturing Inventory Index climbed 1.3 percent on month and 9.5 percent on year.
The Production Capacity Index in April eased 0.1 percent on month and 1.0 percent on year. The Index of Capacity Utilization Rate jumped 3.0 percent on month and 0.9 percent on year.
The Manufacturing Average Capacity Utilization Rate was 72.5 percent, up 2.2 percentage points from the previous month. The Index of Services in April showed no change from the previous month but increased by 2.6 percent on year.
The Retail Sales Index shed 1.0 percent on month but jumped 5.3 percent on year. The Equipment Investment Index dropped 3.3 percent on month but added 0.6 percent on year.
The Domestic Machinery Shipment Index fell 2.8 percent on year, while the value of Domestic Machinery Orders Received jumped an annual 5.7 percent.
The value of construction completed at constant prices climbed 4.4 percent on month and 1.4 percent on year. The value of construction orders received at current prices plummeted 42.0 percent from on year.
The Composite Coincident Index in April added 0.1 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, eased 0.1 points from the previous month.
The Composite Leading Index in April showed no change from the previous month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, fell 0.4 points from the previous month.
Also on Thursday, Statistics Korea said that retail sales fell 1.0 percent on month but gained 5.3 percent on year in April. That follows the 2.9 percent monthly increase and the 7.0 percent yearly spike in March.