Stefan Sädbom, Senior Exploration Geologist and chairman of Lovisagruvan and Orexplore, talks about...
South Korean mining and manufacturing increased 1.4 per cent
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.