South Korea Nov factory output jumps thanks to robust chip production

SEOUL  – South Korea’s November factory output posted the fastest gain since May 2022 on soaring chip production, official data showed on Thursday.

The industrial output index increased 5.3 percent in November from a year earlier, according to Statistics Korea, beating a median estimate of a 3-percent gain tipped in a Reuters survey.

Semiconductor production soared 42.4 percent from a year earlier, boosting the country’s factory output even as that of machines and other electric components dropped 13.8 percent and 9.9 percent each, Statistics Korea report showed.

From a month earlier, the index gained 3.3 percent, also beating a 1-percent increase projected in the survey.

On Wednesday, a Reuters poll showed South Korea’s exports likely rose for a third month in December as stronger semiconductor exports were seen supporting the country’s economic recovery into the new year.