South Korea manufacturing PMI slows slightly in October
TOKYO -- South Koreaâs manufacturing sector in October grew at a slightly slower pace than the previous month as new export orders declined, according to a survey.
The Nikkei South Korea Manufacturing Purchasing Managersâ Index, or PMI, fell from 51.3 in September to 51.0 in October, staying above the 50-point line separating expansion from contraction.
South Korean goods producers recorded a third successive monthly increase in sales although growth was softer than in September. New export orders declined amid reports of challenging economic conditions at key trading partners.
âThe double-whammy impact of rising global raw material prices and weakness of the Korean won squeezed margins, while strong competitive pressures and concerns towards the purchasing power of clients reportedly drove price discounting,â said Joe Hayes, economist at IHS Markit, which compiles the surv ey.
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