International news within the industry of mining and metal, Oct, 19 2018
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South Korean mining and manufacturing increased 1.4 per cent

Regional geology map of the Korean Peninsula. Wikimedia, credit: Younghyun.ju
Regional geology map of the Korean Peninsula. Wikimedia, credit: Younghyun.ju
Published by
Markku Björkman - 03 Oct 2018

South Korea's industrial output grew for two months until August, despite the fact that corporate investment and private consumption fell, a government report recently said.

Manufacturing in the mining and manufacturing sectors increased 1.4 per cent due to increased automotive activity, which compensates for a decrease in the semiconductor sector.

Production in all industries rose 0.5 per cent in August from a month earlier, having increased 0.6 per cent in the previous month, according to the South Korean statistical authority.

Automatic production took a climb 21.8 per cent and marked the highest growth in five years. Demand for locally produced vehicles was solid in North America and the Middle East, while a temporary reduction in consumer taxes strengthened automated demand in the domestic market.

Chip production fell by 6.2 per cent in August from a month earlier, as chip manufacturers reduced their stocks. A year ago, chicken production was increased by 13.6 per cent.

Industrial production increased mainly due to robust exports, accounting for about half of the export-driven economy. Exports increased by $ 50 billion over five months to September.