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S. Korea's industrial output soared 4.2% m/m in June, manufacturing up 7.2% Updated: 2020-07-31 17:05:49 KST

South Korea's overall industrial output has increased for the first time in 6 months, with the manufacturing, retail sales and investment sectors all seeing a jump from the previous month.
According to Statistics Korea, the country's overall industrial output soared 4.2 percent on-month in June.
This was largely driven by the production in the mining and manufacturing industries which saw a seven.two percent increase on-month.
This figure was its biggest jump since 2009 and was helped by the automobile and semiconductor sectors.
Manufacturing exports also saw the biggest on-month increase in 33 years 9.8 percent up from May's figures.

"We saw a huge drop in exports in April and May as the outbreak spread across the world. But as the U.S., EU and other major countries started reopening their economies, exports increased a lot in June."

South Korea's retail sales also saw a bump of two.four percent, thanks in part to government policies like relief funds and tax cuts for automobile purchases.

"As for the retail sales, they decreased much in February and March and rebounded in April, May and June. Unlike retail and service production, this sector saw a huge jump, up to around the level it was before COVID-19."

Facility investment also edged up 5.4 percent.
However, the director-general of Statistics Korea did say that such figure does not have a strong link with the impact of COVID-19.
For the first time in five months, the indices for both current and future business conditions went up.
The index for current conditions saw a point-two percentage point increase and the index for future business conditions edged up point-four percent points.
While the country seems to have finally escaped the impact of COVID-19, the official said the uncertainty posed by the pandemic is still huge along with potential risks coming from U.S.-China trade war.
Kim Sung-min, Arirang News
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