S&P Global: S. Korea’s manufacturing sector improves in Nov. ’24

The S&P Global South Korea Manufacturing PMI increased from 48.3 in October to 50.6 in November 2024, indicating a slight improvement in the sector’s health after three months of decline.

The positive headline figure in November was driven by a return to growth in new orders. This was the first increase since August, with manufacturers attributing it to orders for new products and new contract wins.

“Increasing new orders also placed pressure on capacity, as evidenced by the strongest rise in backlogs since June 2022,” said Usamah Bhatti, Economist at S&P Global Market Intelligence.

Despite increased demand, South Korean manufacturers experienced a slight contraction in production levels in November 2024 due to a stagnant economy and sector-wide strike action.

Attribution: S&P Global report

Subediting: M. S. Salama