The manufacturing sector in South Korea continued to expand in April, and at a faster rate, the latest survey from S&P Global showed on Monday with a manufacturing PMI score of 52.1.
That’s up from 51.2 in March and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
New orders increased at a slightly quicker pace in April, reflecting rising sales at domestic clients. However, the overall expansion was subdued compared to that seen at the start of the year. The relative weakness in total new order growth came amid a second successive solid drop in new export orders.
The war in Ukraine, as well as COVID-19 restrictions in China which had impacted shipping and port capacity were reportedly behind the decrease. Output volumes at South Korean manufacturers returned to growth territory at the start of the second quarter.