(Data provided = Statistics Korea)
In the first quarter of this year, domestic supply in the manufacturing industry continued to increase for five consecutive quarters, but the rate of increase was reduced due to disruptions in the supply and demand of auto parts due to China’s COVID-19 lockdown.
Imports accounted for 30.8% of domestic supply in the manufacturing industry, a new record high for the first time in two quarters.
According to the ‘Manufacturing Domestic Trends in the First Quarter of 2022’ announced by the National Statistical Office on the 10th, the domestic manufacturing supply index for the first quarter was 107.4 (2015 = 100), up 1.7% from the same period of the previous year.
The manufacturing domestic supply index indicates the value (real) of manufactured products produced domestically or imported from abroad and supplied to Korea, and is used as an indicator to show trends in the domestic market.
The domestic supply index continued to increase for five consecutive quarters, starting with the first quarter of last year (3.4%), which turned to an increase. However, the rate of increase in the first quarter of this year decreased from the previous quarter (3.6%) and fell to the 1% level for the first time in two quarters after the third quarter of last year (1.9%).
Domestic supply declined 1.4% due to decreased metal processing and automobiles, continuing the decline for the third quarter in a row. Imports and supply continued to increase by 9.2%, mainly in electronic products and electrical equipment.
An official from the National Statistical Office said, “In the aftermath of the disruption in the supply and demand of auto parts due to China’s Corona 19 lockdown order and the disruption in the supply of semiconductors for automobiles due to the supply chain instability of the Glo Act, the production of automobiles decreased, which led to a decrease in domestic supply. “He said.
Among manufactured products, domestic supply of final goods decreased 0.6% compared to the previous year, with consumer goods declining by 2.9% and capital goods by 5.8%. Domestic production decreased by 1.3% and imports increased by 0.5%. On the other hand, domestic supply of intermediate goods increased by 3.1% as imports (16.3%) increased significantly.
Imports accounted for 30.8% of domestic supply in the manufacturing industry, up 2.3 percentage points (P) from the same period last year. This is a new record in the third quarter of last year (30.2%), which was the highest recorded since statistics were compiled. It is analyzed that the increase in imports of electronic products such as system semiconductors and DRAMs due to the increase in semiconductor demand led to an increase in the proportion. Imports of intermediate goods, including system semiconductors and DRAMs, accounted for 29.0%, up 3.2%p from the previous year.
By industry, the share of imports such as printing and recording media (30.5%), other transportation equipment (26.1%), and wood products (35.1%) rose, but medical precision science (49.8%) fell.
