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South Korea's chip output fell by 15% in November, the biggest drop since the financial crisis

Views : 113
Update time : 2023-01-04 17:32:06
        According to the data released by the Korean Statistical Office on Thursday, chip production in November fell 15% year on year, shrinking for the fourth consecutive month and the largest decline since 2009.
 
 
        As a result, the overall industrial output of South Korea shrank 3.7% in November compared with the same period last year, the largest decline since the beginning of the COVID-19 epidemic.
        The data released on Thursday also showed that chip output fell 11% month on month in November, while semiconductor inventory in November increased 20% year on year, a growth rate higher than 12.9% in October.
        These weak data indicate that the recovery momentum of this country, which is known as the "canary" of the global economy, is weakening. South Korea's growth has been under pressure from falling exports and rising domestic interest rates, while the gloomy outlook overseas has also heightened concerns.
With the Federal Reserve leading a wave of monetary tightening to combat inflation and the continuation of the Russian Ukrainian conflict, the possibility of recession in major overseas economies, including the United States, is rising.
        In a separate statement, the South Korean Ministry of Finance said that weak chip demand has become one of a series of factors that exacerbate the uncertainty of South Korea's economic outlook, including the recently ended truck driver strike and the impact of the stampede in Seoul at the end of November.
When considering ending the tightening cycle, the more gloomy prospect gives the Bank of Korea more reason to be cautious. The bank has raised interest rates for more than a year and is currently discussing whether to raise interest rates once or twice next year.

 
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