The manufacturing sector in South Korea continued to contract in April, and at a faster pace, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 49.4.
That's down from 49.8 in March, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
There was a broad stabilization of production levels in April, with output up fractionally at the start of the second quarter of the year. As such, production has now increased in three of the past four months. Firms often mentioned that rising new orders was the main reason behind the return to growth of output, as manufacturers also highlighted an increase in incoming business.
The improvement in demand was commonly linked to new client wins and stronger customer confidence both at home and abroad. That said, South Korean manufacturers mentioned that both output and new orders were weighed down by higher cost burdens.
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