1.7% increase in domestic manufacturing supply in the first quarter… Highest share of income
Manufacturing domestic supply continues to increase for 5 consecutive quarters… Import share recorded 30.8%
Increased supply of pharmaceuticals, electronic products, and electrical equipment… Decrease in final goods and increase in intermediate goods
(Sejong = Yonhap News) Reporter Won-hee Park = The domestic supply of manufacturing products in the first quarter of this year increased compared to last year due to an increase in imported products.
Imports accounted for an all-time high in the total supply of manufacturing products.
According to the ‘manufacturing domestic supply trend in the first quarter of 2022’ announced by the National Statistical Office on the 10th, the domestic supply index for manufacturing in the first quarter (tentative value) was 107.4, up 1.7% from the same period last year (105.6).
The manufacturing domestic supply index indexes the real supply amount of manufactured products produced in Korea and shipped to Korea or produced abroad and distributed in Korea, and shows domestic demand trends.
This index showed an upward trend for five consecutive quarters following the first quarter (3.4%), the second quarter (9.1%), the third quarter (1.9%), and the fourth quarter (3.6%) of last year.
Domestic production decreased by 1.4%, but imports increased by 9.2%, leading to an increase in domestic supply of all manufactured products in the first quarter.
As a result, the share of imports in manufacturing domestic supply in the first quarter recorded 30.8%, an increase of 2.3 percentage points compared to the same period last year.
This is the highest ever since the statistics were compiled in 2010.
Looking at the supply status by industry, pharmaceuticals increased by 20.0% compared to the same period last year. As demand for COVID-19 vaccines and related products increased, domestic sales increased by 16.5% and imports by 26.7%, respectively.
Electronic products (13.0%) and electrical equipment (7.4%) also increased.
An official from Statistics Korea said, “In the case of electronic products, imports of semiconductors have increased significantly, but demand for semiconductors continues around the world, and system semiconductors in particular seem to have been imported a lot because they are needed in the process of manufacturing laptops and mobile phones and in the process of server expansion.” The equipment appears to be the result of increased demand for batteries for electric vehicles,” he said.
On the other hand, metal processing decreased by 9.2%, both domestically (-10.1%) and imported (-0.2%).
By goods, the supply of final goods decreased by 0.6%.
Consumer goods, which are products purchased by individuals or households, increased by 2.9%, but capital goods, products used in production-related activities, decreased by 5.8%.
In consumer goods, pharmaceuticals and commercial printing increased, while in capital goods, wafer processing equipment and container ships decreased.
The supply of intermediate materials increased 3.1% due to an increase in system semiconductors and DRAMs.
In terms of the share of imports, imports accounted for 33.9% of final goods, up 1.2 percentage points from the same period last year. Consumer goods rose 3.4 percentage points to 30.9 percent, while capital goods fell 1.3 percentage points to 38.7 percent.
Imports accounted for 29.0% of intermediate goods, up 3.2 percentage points from a year ago.
By industry, the proportion of imports from printing and recording media increased by 24.2 percentage points to 30.5%. Other transportation equipment was 26.1% and wood products 35.1%, up 9.7% and 5.2%, respectively.
On the other hand, the proportion of imports in medical precision science was 49.8%, down 1.3 percentage points from a year ago.
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