SEJONG, Aug. 7 (Yonhap) — South Korean manufacturers’ domestic supply dropped nearly 5% in the second quarter of the year due to the coronavirus pandemic, government data showed Friday.
The manufacturing domestic supply index declined 4.6% on-year to 101.3 during the April-June period, according to the data compiled by Statistics Korea.
The second-quarter reading marks the sharpest on-year decrease since the 5.6% drop recorded in the third quarter of 2018.
The index, which measures both locally produced goods and imports, serves as a major indicator of a country’s domestic demand.
The statistical agency said the second-quarter drop came as supply of intermediate goods declined due largely to sluggish exports.
Domestic supply of domestically made goods sank 5.7% from a year earlier in the second quarter, with that of imports falling 1.2%.
In 2016, the statistical office came up with the index to measure the total domestic supply of locally produced goods and imported products, with the base number for 2010 set at 100.