S.Korea's domestic manufacturing supply rises 9.2 pct in Q2

South Korea's domestic supply in the manufacturing industry posted the fastest increase in the second quarter owing to the recovery from the COVID-19 pandemic, statistical office data showed Tuesday.

The index for domestic manufacturing supply, including production at home and imported manufacturing products, stood at 111.1 in the April-June quarter, up 9.2 percent from a year earlier, according to Statistics Korea.

It was the highest reading since data began to be compiled in 2010, logging the fastest quarterly growth. The index advanced 3.3 percent in the first quarter, marking the first rebound in four quarters.

The rapid expansion was attributed to the country's solid export, caused by the global demand recovery from the pandemic shock.

The import of manufacturing products surged 17.2 percent in the second quarter from a year earlier due to strong demand for machinery equipment and electronic products. It was the highest gain since 2010.

The supply by local manufacturers expanded 6.3 percent in the quarter on demand for cars and chemical products, after making no change in the first quarter.

The portion of import to the total domestic manufacturing supply was 28.7 percent in the second quarter, recording the highest since 2010. It was up 1.0 percentage point from a year ago.

The domestic supply of intermediate goods, such as materials and components used for manufacturing production, soared 13.8 percent in the second quarter on high demand for automotive parts and system chips.

The supply of capital goods grew 5.3 percent, and the consumer goods supply climbed 1.9 percent on demand for medical supplies and compact cars.