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S.Korea Sept factory output shrinks as auto chip shortage bites -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Hyundai Motor’s Sedans are built at an Asan factory, which is about 100km (62 miles), south of Seoul on January 22, 2013. REUTERS/Lee JaeWon/File Photograph

By Joori Roh

SEOUL (Reuters – South Korea’s September factory production fell in August from August. The unexpectedly low annual output ended a 10 month winning streak. Global chip shortages had impacted car production.

According to Statistics Korea, industrial production fell 0.8% last month, a decrease that was seasonally adjusted, data from Friday showed. This is below the 0.3% median decline predicted by Reuters. This follows a 0.7% decline in August.

Data breakdown showed that production of automobiles fell 9.8% compared to a month ago, and that of electrical and semiconductor equipments declined 1.6% and 5.2% respectively.

Oh Chang-sob from Hyundai Motor Securities said that September’s industrial output fell because of global supply disruptions. He also noted that there were fewer days to work due to national thanksgiving Chuseok holidays.

Factory output contracted unexpectedly 1.8% annually, missing the 1.4% forecasted growth in the poll, and lower than August’s 9.7% increase.

Friday’s data showed that the September service sector output grew 1.3% in September and retail sales rose 2.5%.

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