Galaxy S24 Launch Sparks Industrial Activity Trends in January 2024

Galaxy S24 launch, travel demand in the early years, etc.
Temporary factors… “Domestic demand recovery is not yet decided”
Construction orders decline the most in 13 years

Trends in industrial activity in January 2024. Statistical Office

Production and consumption both rose in the first month of this year, but investment in facilities lagged. In particular, construction orders fell significantly, predicting a decline in construction performance in the future.

According to ‘Industrial Activity Trends in January 2024’ published by Statistics Korea on the 4th. In January, the general industrial and retail production (consumption) indices increased by 0.4% and 0.8%, respectively, compared to the previous month, while facility investment decreased by 5.6%.he did Construction orders fell by 53.6% compared to the same month last year.he did

All industrial production has been increasing for three consecutive months for the first time in two years. At the start of the quarter, semiconductor production fell (-8.6%), and manufacturing and other mining and industrial production adjusted (-1.3%). However, with the launch of the Galaxy S24, production of communication and broadcasting equipment increased (46.8%), recording an increase compared to the previous month. The service industry increased (0.1%) due to the expansion of information and communication (4.9%) and real estate (2.6%) despite a decrease in wholesale and retail (-1%).

Usage increased from the previous month. The analysis is that this was driven by the consumption of non-durable goods (2.3%) due to increased demand for duty-free cosmetics, Lunar New Year gifts, and travel at the beginning of the year. Durable goods such as passenger cars (-1%) due to non-payment of electric vehicle subsidies, and semi-durable goods such as clothing (-1.4%) due to the base effect of higher sales due to various year-end discount events and the cold wave.

Gong Mi-sook, economic trend statistics examiner at Statistics Korea, announces ‘Industrial Activity Trends for January 2024’ at the Sejong Government Center on the 4th. News 1

Investment slowed as investment in a facility, which had rebounded the previous month, fell significantly. Investment in transport equipment such as aircraft (-12.4%) and machinery such as special industrial use (-3.4%) fell. It was affected by a drop in revenue due to delays in the delivery of aircraft due to Boeing’s ‘fuselage hole accident’, the application of ‘light green license plates’ for corporate use, and unconfirmed electric vehicle subsidies. Construction progress increased by 12.4% compared to the previous month, reflecting construction performance such as civil engineering works such as a liquefied natural gas (LNG) terminal and finishing work on a large apartment building in Gaepo-dong.

However, compared to the previous year, construction orders fell in civil engineering (-60%) and construction (-47.7%), the biggest drop in 13 years and 3 months. Gong Mi-sook, Director of Economic Trends Statistics at Statistics Korea, said, “There has been a significant drop in orders placed mainly by the private sector, which will be reflected in the construction performance in six months to a year.”

The cyclical variation value of the coincident composite index, which shows the current economy, rose by 0.1 points compared to the previous month, turning positive (+) for the first time in three months, and the variation value the cycle of the leading composite index, which predicts the future economy, is unchanged. Kim Gwi-beom, head of the economic analysis department of the Ministry of Strategy and Finance, said, “The improvement in the low consumption and construction indicators is positive, but it is difficult to say that the weak domestic demand trend has changed. Considering the impact over time, we need to monitor future trends further.” explained.

Sejong = Reason Reporter maintain@hankookilbo.com

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