Sluggish exports dragged down the average operating rate of Korea’s manufacturing industry to 72.7 percent last month, marking the lowest level since April 2009, government data showed Wednesday.
According to a report by Statistics Korea, the nation’s overall industrial output also fell for the second straight month in November.
Overall industrial production dropped 0.5 percent last month from a month earlier, after a 1.3 percent on-month decline in October, the agency noted.
In the aftermath of sagging exports, production in the mining, manufacturing, gas and electricity industries -- which slipped 2.1 percent last month -- became the main detractor for the November figure.
The industry is being hurt by lackluster exports which came to $44.43 billion last month, down 4.7 percent on-year. It was the 11th consecutive monthly decline.
“Sluggish exports weighed heavily on industrial output,” said Choi Jung-su, director of the short-term industrial statistics division.
He added that the information technology sectors, such as semiconductors and communications equipment, saw production decrease as they undertook inventory adjustment -- declining by 9.7 percent and 20.2 percent, respectively.
Meanwhile, service sector output increased to 0.1 percent in November as the finance sector gained 3.2 percent and social welfare area grew 2.1 percent. Private consumption retreated 1.1 percent from a month ago, backtracking from a 3.2 percent on-month jump in October.
