SEOUL: South Korea’s industrial output shrank for the second straight month in May, reflecting slow exports and a smaller number of working days, government statistics showed on Friday.
Production in the mining, manufacturing, gas and electricity industries fell 2.7 percent from the previous month, Statistics Korea said.
The fall followed a 0.1 percent on-month decline in April, which was revised downward from a previously announced 0.1 percent gain.
Production of automobiles slumped 7.4 percent, while output of semiconductors and parts shrank 4.7 percent. Automobiles and semiconductors account for a giant slice of exports for the trade-oriented economy.
“Output last month was affected by extended national holidays and slow exports, especially those to Southeast Asian countries,” a senior official of Statistics Korea said.
Exports, a main growth engine for Asia’s fourth-largest economy, shrank 1.8 percent on-year in May, and were down 7.2 percent from April.