By Reuters Staff2 Min ReadFILE PHOTO: View of smokestacks, about 200m (656 toes) excessive, at a thermal energy plant in Inchon, west of Seoul, February 1, 2007. REUTERS/Jo Yong-Hak SEOUL (Reuters) – South Korea’s manufacturing facility exercise development slowed in May, as output and export orders contracted amid supply-chain disruptions resulting from China’s COVID-19 lockdown measures, a private-sector survey confirmed on Thursday.The S&P Global buying managers’ index (PMI) fell to 51.8 in May from 52.1 in April however remained above the 50-mark that signifies growth in exercise for the twentieth consecutive month.Output shrank by probably the most in 5 months and new export orders decreased for a 3rd month in row, although whole incoming orders remained agency because of home demand.Sub-indexes confirmed the backlog of labor elevated by probably the most since April final yr and suppliers’ supply occasions at their worst in 5 months.“Supply-chain disruption continued to hinder growth in activity and demand in the manufacturing sector,” mentioned Usamah Bhatti, economist at S&P Global Market Intelligence.“Material shortages and rising input costs were exacerbated by delays in sourcing and receiving inputs, especially following the reimposition of strict COVID-19 measures in China.”Output costs rose at their quickest tempo for the reason that survey started in April 2004, whereas enhance in enter costs slowed for the primary time in 4 months.Still, manufacturing corporations remained optimistic over the approaching yr for output, with the extent of constructive sentiment rebounding from two months of weakening.Reporting by Jihoon Lee; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.
