South Korea Manufacturing PMI

Last Release

Jul 31, 2024

Actual

51.4

Units In

Points

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
55.3 Feb 2021	41.3 May 2020	49.59 Points	2011-2024	Markit Economics

The IHS Markit South Korea Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 400 manufacturing companies. The Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

Latest Updates

The S&P Global South Korea Manufacturing PMI remained unchanged at 48.3 in October 2024, indicating a contraction for the second consecutive month and the fastest deterioration in operating conditions in 16 months. A significant drop in new orders contributed to the sharpest decline in production levels since June 2023. This overall weakness also prompted a renewed decrease in purchasing activity, marking the first decline since August 2023. Business confidence for the year ahead remains subdued compared to earlier in the year, with increasing evidence of spare capacity leading to a notable reduction in outstanding business. On a positive note, cost pressures continued to ease in October, enabling firms to lower charges for the second month in a row.