South Korea Manufacturing PMI2011-2021 Data | 2022-2023 Forecast | Calendar

The IHS Markit South Korea Manufacturing PMI edged up to 53.9 in June 2021 from 53.7 in May, indicating a moderate improvement in the health of the manufacturing sector and extending the current sequence of growth to nine months. Output expanded at a modest rate, while new orders grew faster, due to an increase in both domestic and external demand supported new business inflows throughout the month. Meanwhile, employment rose for the fourth straight month. In line with stronger demand, backlogs of work increased at a solid rate in the same period. On the price front, input costs inflation accelerated to the steepest on record, due to a faster rise in prices of raw material, amid acute shortages. Concurrently, output prices increased to the fastest pace since the series began in April 2004, as firms sought to pass higher costs on to customers. Finally, business confidence improved due to hopes that the economy would continue to recover from COVID-19 impacts.

The IHS Markit South Korea Manufacturing PMI declined to 53.7 in May 2021 from 54.6 in April, the lowest reading since January, signalling a softer but still solid improvement in the health of the manufacturing sector. Output expanded at the softest rate since December 2020. Meanwhile, new orders remaining firmly in expansion territory overall, despite softening for the third month running, as new export orders increased only fractionally and at the softest pace since October 2020. As a result, manufacturers were encouraged to raise staffing levels for the third consecutive month. On the price front, input costs inflation accelerated to the steepest pace since January 2008. Concurrently, output prices increased at a survey record pace as firms sought to pass higher costs on to customers. Finally, business confidence improved due to hopes that domestic and external demand would improve further as the pandemic receded.

The IHS Markit South Korea Manufacturing PMI declined to 54.6 in April 2021 from 55.3 on March, the lowest reading since January, signalling a softer but still solid improvement in the health of the manufacturing sector. Both output and new orders continued to grow, while the employment increased for the second straight month. As a result, backlogs of work increased at the fastest pace for 11 years, reflecting the upward trend in new orders. At the same time, new export orders increased for the seventh month in a row, with firms citing stronger demand in the key regions of Asia and North America. On the price front, input costs inflation accelerated, due to a rise in raw material prices. Concurrently, output prices rose at their second-fastest pace on record as firms sought to pass these higher costs on to customers. Finally, business confidence improved due to hopes that a wider economic recovery from the pandemic would boost demand for newly launched products.

The IHS Markit South Korea Manufacturing PMI stood at 55.3 in March 2021, still the highest since April 2010, signaling a strong improvement in the health of the manufacturing. Both output and new orders continued to grow, while the employment increased at the fastest pace since May 2013. As a result, backlogs of work increased for the fifth month running, and at the fastest pace since January 2020. At the same time, new export orders increased for the sixth month in a row, and at the fastest pace for four months. On the price front, input costs went up the most since January 2008, boosted by sharp rises in the cost of raw materials. Concurrently, output prices rose at a survey-record pace as firms sought to pass these higher costs on to customers. Finally, business confidence strengthened due to hopes that demand would continue to gain momentum, leading to higher production volumes, particularly for newly launched products.