South Korea produced 256,000 units in May, down 21pc on a monthly basis due to the shortage of semiconductor chips, Statistics Korea data reported.
According to media reports, this figure was still an 11-year peak, resulting from a boom in manufacturing after recovering from the COVID-19 pandemic. Industrial production rates rose by a seasonally adjusted 0.7pc. In comparison, the country saw a 1.6pc decline in industrial production in April. A 5.6pc decline in mechanical equipment output a 5.3pc increase in car production in April.
Statistics revealed that factory production increased by 15.6pc in May from the prior year. Park Choong-hoon, head of research at Standard Chartered Bank Korea, said that he expects the global momentum of auto demand will keep Korea’s exports and production afloat in the months to come.