South Korea’s industrial output and retail sales have shown positive growth in March, driven by the semiconductor manufacturing sector, according to the latest data released by the country’s statistical office.
Industrial output rose 1.6% in March, compared to a 0.7% increase in February, with output in mining, manufacturing, gas, and electricity rising 5.1%, supported by the chip industry. In particular, the production of semiconductor chips rose 35.1% from February, but output in the sector was still 26.8% below last year’s level.
According to officials from the Statistical Office, the chip manufacturing sector is currently on a downward trend, particularly with Samsung’s recent announcement of a reduction in production capacity in the electronics industry.
Despite this, automobile production saw a rise of 6.5% month-on-month in March, driven by the growing demand for environmentally friendly cars.
Retail sales, which reflect private consumption, also saw an increase of 0.4% in the period, thanks to stronger demand for fuel and electronics. Officials from the Statistical Office said that the increase was helped by warmer-than-normal weather in March, which prompted more people to engage in outdoor activities.