30.7% of imports… Supply of intermediate goods increased for 7 consecutive quarters
Automobile and auto parts supply shortage turned to increase for the first time in four quarters
The domestic supply of manufactured products in the second quarter of this year increased from a year earlier due to the increase in imports.
Imports accounted for the largest share of total manufacturing product supply.
According to the ‘manufacturing domestic supply trend for the second quarter of 2022’ announced by the National Statistical Office on the 9th, the domestic supply index for manufacturing in the second quarter (tentative value) was 112.7, up 1.5% from the same period last year (111.0).
The manufacturing domestic supply index is an index of the actual supply amount of manufactured products produced domestically and shipped to Korea or produced abroad and distributed domestically, and shows domestic demand trends.
The supply index has continued to increase for six consecutive quarters from the first quarter of last year to the second quarter of this year.
In the second quarter, domestic supply decreased by 1.4%, but imports increased by 8.6%.
Imports accounted for 30.7% of domestic supply, up 2.0 percentage points from a year ago.
This is the highest level since 2010, when statistics began to be compiled, and slightly increased from the previous quarter (30.7%).
By industry, automobile supply increased by 2.5% from a year ago, turning to an increase for the first time in four quarters.
Demand has not been met so far due to supply chain disruptions, but it is interpreted as a result of easing of supply difficulties in the second quarter.
The supply of electronic products (15.5%) increased due to an increase in DRAM imports and pharmaceuticals (17.1%) due to the re-spreading of COVID-19.
On the other hand, metal processing fell 9.4% in the second quarter due to a decrease in demand for kitchenware.
This is the 14th consecutive quarterly decline.
By goods, domestic supply of final goods decreased 1.1% compared to a year ago, with both consumer goods (-0.4%) and capital goods (-2.2%) declining.
The supply of intermediate goods increased by 3.4% as imports (13.9%) increased despite a decrease in domestic production (-0.8%).
This is the seventh consecutive quarter of increase.
An official from the National Statistical Office explained, “The supply of intermediate goods seems to be increasing due to the industrial structure of manufacturing finished products through imports and then exporting them once more.”
In terms of import share, imports accounted for 33.6% of final goods, up 1.3 percentage points from a year ago.
Consumer goods (30.8%) rose by 2.5 percentage points, while capital goods (37.8%) remained flat.
The share of imports in intermediate goods rose 2.6 percentage points to 29.1%.
Looking at the import share by industry, tobacco (30.3%) rose 7.2 percentage points, clothing and fur (35.2%) rose 6.9 percentage points, and pharmaceuticals (41.9%) rose 6.1 percentage points, respectively.
On the other hand, other transportation equipment fell 4.1 percentage points to 26.9%.
/yunhap news