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South Korea’s industrial production fell at the fastest pace in eleven months in April, as the chip industry’s output slowed largely due to a base effect.
Statistics Korea said on Monday that the country’s overall industrial production fell by one point one percent in April from the previous month.
The reading marks the largest monthly decline since May of last year, when industrial production fell a point five percent.
The drop was mainly due to a drop in output in the mining, manufacturing, gas and power sectors, which fell a point six percent last month.
In particular, production in the semiconductor industry fell ten point nine percent month-on-month in April. Production in the chip industry hit a record high in March, up four point four percent from February.
Production in the services sector rose four percent, posting growth for the third consecutive month. Retail sales, a key indicator of consumption levels, also rose two point three percent in one month.
Investment in facilities rose three point five percent month-on-month in April.