South Korea August factory activity shrinks at slower pace than July: PMI

South Korea's factory activity shrank in August but at a slower pace than i...

SEOUL - South Korea’s factory activity shrank in August but at a slower pace than in July, a private sector survey showed on Monday, as global trade frictions and an escalating diplomatic dispute with Japan hit demand for the country’s products.

The sub-index for new export orders rose to 48.6 from 45.5 in July, the slowest decline seen since April, but the 13th straight month of contraction. Survey respondents reported cooling demand from Germany, China, Japan and parts of Southeast Asia. “While the pick-up in the headline index suggests that pressures on South Korean manufacturers have abated to an extent, underlying data still portray a deeply challenging environment,” said Joe Hayes, economist at IHS Markit, which compiles the survey.

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