South Korea’s manufacturing sector expanded at its fastest pace in four months in September, with the Purchasing Managers’ Index (PMI) rising to 53.9 from 52.3 in August, fuelled by surging export demand for semiconductors and automobiles, Reuters reported.
The S&P Global PMI remained above the 50-point threshold separating expansion from contraction for a 10th consecutive month, marking its highest reading since May.
Manufacturing output increased at the sharpest pace since March 2021, while new orders recorded their strongest growth since February 2021.
Export demand was particularly robust, with new export orders rising at the fastest pace since March 2011, a 15-and-a-half-year high, supported by stronger demand from Europe and Asia.
S&P Global Market Intelligence economist Usamah Bhatti said growth in new orders and production reached their strongest levels in about five-and-a-half years, with manufacturers frequently attributing the improvement to strength in the semiconductor and automotive sectors.
Business confidence also strengthened, with manufacturers’ optimism over the year ahead climbing to an eight-month high.
