Korea's Industrial Production Rises on Strong Auto Sales
Korea's industrial production rose for the first time in four months in September, thanks to rising demand for both Korean made automobiles and electronics.
According to Statistics Korea Wednesday, industrial output edged up zero.8 percent last month from August, when it dropped nearly one percent.
Compared to a year earlier, production rose zero.7 percent.
Korea's industrial production figures are carefully monitored, as they are an important indication of the country's economic soundness.
The statistics agency largely attributed last month's gain to increased production of cars and electronics.
Auto production rose over 12 percent in September from the previous month, while manufacturing of electronics edged up nearly three percent.
Production in the mining and electricity sectors dropped.
Earlier this month, Korea's largest carmaker Hyundai Motor and Samsung Electronics, the world's biggest mobile phone producer, both announced third quarter profits that beat analysts' estimates.
Hyundai said it will probably beat its sales outlook for this year, as the auto giant is seeing growing demand for its cars in China.
And the improving performances by the country's two largest exporters may be a sign that the worst of the current economic storm has passed.
Hwang Sung-hee, Arirang News
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