Containers are stacked at a port in Busan, July 31. Yonhap
Korea's industrial output fell in May from a month earlier due mainly to a decline in chip production caused by a base effect and volume adjustments, data showed Tuesday, while retail sales rebounded slightly over the period.
Industrial production fell 0.3 percent last month from April, according to data from the Ministry of Data and Statistics, extending on-month losses for two consecutive months.
Output in the mining and manufacturing sector, a key pillar of the economy, fell 3 percent due to a decline in the production of chips and pharmaceutical products, while that of the automobile sector increased.
The Ministry of Finance and Economy said the overall decrease in the industrial output came amid disruptions in the supply of raw materials following the Middle East war, along with an adjustment in chip production, which had recently increased sharply.
