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South Korea's factory output falls at fastest pace on auto chip shortage

Industrial output last month unexpectedly fell by a seasonally adjusted 3.0% month-on-month

Shortage of raw materials and unavailability of containers in August have lengthened lead times – the time taken between ordering a chip and its delivery.

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2 min read Last Updated : Nov 30 2021 | 10:00 AM IST

South Korea's factory output in October shrank at its sharpest pace in nearly 1-1/2 years, government data showed on Tuesday, as global chip shortages continued to weigh on car production.

Industrial output last month unexpectedly fell by a seasonally adjusted 3.0% month-on-month, Statistics Korea data showed, following a 1.1% decline in September and logging the biggest decline since May 2020.

That also missed the 0.4% growth tipped in a Reuters poll of analysts, by a large margin.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)