November Manufacturing Outlook PSI Falls 11 Points to 102
The November manufacturing outlook index dropped 11 points in a month, indicating a slowdown in the improvement trend. According to the Expert Survey Index (PSI) released by the Korea Institute for Industrial Economics and Trade on the 25th, the November manufacturing outlook index stood at 102, barely above the benchmark of 100. The PSI measures experts' assessments of business conditions compared with the previous month: 100 means no change, values closer to 200 indicate improvement, and values closer to 0 indicate deterioration. The figure is 11 points lower than October's outlook (113).
Most sub-indices also declined. The domestic demand outlook PSI came in at 101 and the export outlook PSI at 107, both lower than the previous month. The production level PSI (102) fell for the first time in three months, while the profitability PSI (91) dipped below the benchmark of 100 for the first time in three months.
By category, the information and communications technology (ICT) sector exceeded the benchmark at 110, while machinery (97) and materials (95) both fell below it. Among individual industries, semiconductors posted an outlook PSI of 159, up from last month's 144. Displays (108), home appliances (114), steel (111), and bio-health (114) also exceeded the benchmark. Mobile phones (53), automobiles (93), chemicals (89), and textiles (93), among others, saw more respondents report deteriorating conditions. With both domestic demand and export outlooks declining, differences emerged across industries.
For mobile phones, companies' plans to scale back production, slowing sales, and weakening consumer sentiment were cited as negative factors. For automobiles, the growing market share of Chinese-made vehicles along with sluggish domestic demand and exports were cited as negative factors.
Meanwhile, the October manufacturing conditions PSI came in at 102, exceeding the benchmark for the third consecutive month, though it was lower than August (107) and September (107).
