Seoul: The Republic of Korea’s industrial output increased in November, driven by semiconductor production, while retail sales experienced a decline, marking the fastest drop in 21 months, according to government data.
According to Emirates News Agency, retail sales, which gauge private spending, fell by 3.3 percent over the period, following a brief rebound the previous month. This represents the steepest decline since February 2024 when sales dropped by 3.1 percent on-month. The drop in retail sales was mainly due to weaker sales in food and apparel, reflecting the diminishing effects of the extended Chuseok holiday in early October.
Sales of semidurable goods such as clothing decreased by 3.6 percent, while non-durable goods, including food, saw a decline of 4.3 percent, marking the sharpest month-on-month drop since February 2024. Despite these declines, cumulative retail sales rose by 0.4 percent during the January-November period.
Industrial production increased by 0.9 percent month-on-month in November. Recent months have shown volatility in output, with a 0.3 percent drop in August, a 1.3 percent rise in September, and a 2.7 percent fall in October. The mining and manufacturing sector, crucial to the economy, saw a 0.6 percent increase on-month in November. Semiconductor production notably jumped by 7.5 percent, supported by strong outbound shipments and a favorable base effect from the previous month.
