South Korea's Manufacturing PMI dropped to 49 in December 2024, down from 50.6 in November, marking the third contraction in the past four months and reflecting a renewed downturn in the sector's health. December's data indicated a more pronounced decline in output, driven by a renewed drop in new order intakes. South Korean manufacturers cited a sluggish domestic economy as a key factor. The overall performance of the sector was further weighed down by mounting cost pressures at the end of 2024. A sharp acceleration in cost burdens led to the strongest increase in output charges since November 2023. Additionally, for the first time since July 2020, manufacturers expressed pessimism about the year-ahead outlook for output. Fears about the potential consequences of increased US protectionism contributed to pessimism. source: S&P Global

Manufacturing PMI in South Korea decreased to 49 points in December from 50.60 points in November of 2024. Manufacturing PMI in South Korea averaged 49.59 points from 2011 until 2024, reaching an all time high of 55.30 points in February of 2021 and a record low of 41.30 points in May of 2020. This page provides the latest reported value for - South Korea Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Manufacturing PMI in South Korea decreased to 49 points in December from 50.60 points in November of 2024. Manufacturing PMI in South Korea is expected to be 51.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.




Related Last Previous Unit Reference
Business Confidence 63.00 62.00 points Jan 2025
Capacity Utilization 103.50 103.70 points Nov 2024
Car Production 373566.00 344355.00 Units Dec 2024
Car Registrations 124681.00 130688.00 Units Oct 2024
Changes in Inventories 86.70 -389.20 KRW Billion Dec 2024
Coincident Index 111.30 111.60 points Dec 2024
Composite Leading Indicator 100.52 100.65 points Dec 2024
Corruption Index 63.00 63.00 Points Dec 2023
Corruption Rank 32.00 31.00 Dec 2023
Electricity Production 41541.17 22839.75 Gigawatt-hour Nov 2024
Industrial Production YoY 0.10 6.30 percent Nov 2024
Industrial Production MoM -0.70 0.00 percent Nov 2024
Leading Economic Index 117.30 116.90 points Nov 2024
Manufacturing Production YoY 0.30 6.60 percent Nov 2024
Mining Production 0.30 -13.70 percent Nov 2024
New Orders 10375252.00 7866109.00 KRW Million Nov 2024
Steel Production 5200.00 5400.00 Thousand Tonnes Nov 2024

South Korea Manufacturing PMI
The IHS Markit South Korea Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 400 manufacturing companies. The Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.


News Stream
South Korea's Manufacturing Sector Contracts Again
South Korea's Manufacturing PMI dropped to 49 in December 2024, down from 50.6 in November, marking the third contraction in the past four months and reflecting a renewed downturn in the sector's health. December's data indicated a more pronounced decline in output, driven by a renewed drop in new order intakes. South Korean manufacturers cited a sluggish domestic economy as a key factor. The overall performance of the sector was further weighed down by mounting cost pressures at the end of 2024. A sharp acceleration in cost burdens led to the strongest increase in output charges since November 2023. Additionally, for the first time since July 2020, manufacturers expressed pessimism about the year-ahead outlook for output. Fears about the potential consequences of increased US protectionism contributed to pessimism.
2025-01-02
South Korea Manufacturing PMI Turns Expansionary
South Korea's Manufacturing PMI, compiled by S&P Global, surged to 50.6 in November 2024, up from 48.3 in October, signaling a return to growth for the first time in three months—albeit marginally. While production volumes continued to decline, firms reported stronger demand conditions, with new orders showing a renewed increase. New export orders also rose, marking the highest growth in four months. Despite this, manufacturers reduced employment levels for the second time in three months, and input prices rose at a faster pace. In response to rising costs, companies chose to absorb the pressure rather than pass it on to customers, reducing output charges for the third consecutive month. Looking ahead, the 12-month output outlook improved in mid-Q4 but remained below the historical average. Optimism was driven by expectations of higher demand for new products and a domestic economic recovery.
2024-12-02
South Korea Manufacturing PMI Falls to 16-Month Low
The S&P Global South Korea Manufacturing PMI remained unchanged at 48.3 in October 2024, indicating a contraction for the second consecutive month and the fastest deterioration in operating conditions in 16 months. A significant drop in new orders contributed to the sharpest decline in production levels since June 2023. This overall weakness also prompted a renewed decrease in purchasing activity, marking the first decline since August 2023. Business confidence for the year ahead remains subdued compared to earlier in the year, with increasing evidence of spare capacity leading to a notable reduction in outstanding business. On a positive note, cost pressures continued to ease in October, enabling firms to lower charges for the second month in a row.
2024-11-01