South Korea Manufacturing PMI

Last Release

Mar 31, 2024

Actual

49.8

Units In

Points

50.7

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	49.55 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 came at 49.8 in March 2024, although indicative of a slight deterioration in operating conditions it ended two consecutive periods of expansion. Both output levels and total new orders fell back into contraction territory, albeit the respective rates of decline were only marginal. Meanwhile, new export orders expanded for the third straight month, driven by strong demand in South East Asia and Japan. Despite muted demand and output levels, purchasing activity rose for the seventh successive period, as firms looked to secure safety stocks amid delivery delays and higher prices. Employment also increased for the seventh time, in preparation for mass production of new items and factory relocations. On prices, input costs inflation picked up to a four-month high, leading output charges to increase, though only modestly. Finally, the 12-month outlook on output strengthened, amid hopes of a broad economic recovery.