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IP Data Points To Further Recovery

SOUTH KOREA

South Korea industrial production surprised firmly on the upside in August, rising 5.5% m/m, versus 0.2% forecast and -2.0% expected. This saw the y/y print come in at -0.5%, also well above expectations of -5.8% (prior -8.1%). The average operating ratio rose to 73.4% from 70.0% in July.

  • Semiconductor production rose over 13%, while the electronics operating ratio rose to 97.2, from 88.7 in July. This is back close to levels from mid 2022.
  • Combined with the weekend's better export data suggests external headwinds and chip demand may be on the improve.
  • Other data showed the cyclical leading index at flat for August, versus 0.4 in July. Still to come is the September manufacturing PMI.
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