South Korea June factory output falls more than expected

SEOUL  – South Korea’s factory production fell more than expected in June, official data showed on Friday, as automobile and petroleum production dropped.

The industrial output index fell 1 percent in June on a seasonally adjusted monthly basis, after a 3-percent jump in May, according to Statistics Korea.

READ: South Korea May factory output unexpectedly jumps, led by cars and chips

It was faster than the 0.3 percent fall tipped in a Reuters survey and marked the fastest loss in four months.

Production of semiconductors rose 3.6 percent over the month, but automobiles declined 12.9 percent and oil refining dropped 14.6 percent.

The index fell 5.6 percent over a year earlier, which was milder than the 7.6 percent drop the previous month, while economists had expected a 5.5- percent fall.