South Korea industrial output rises in April

south koreaSouth Korea’s industrial output rose in April for the first time in four months, fanning hopes of a recovery in an economy that posted its slowest growth for three years in 2012.

Production in the mining, manufacturing, gas and electricity industries for April rose 0.8 percent from March, state-run Statistics Korea said Thursday.

The April growth figure, which was up 1.7 percent from a year earlier, snapped three months of consecutive contraction in industrial output that began in January.

Robust mining production bolstered the overall output by expanding 17.1 percent on-month in April, compared to just 3.1 percent in March. Manufacturing production also rose 0.7 percent from a month earlier.

South Korea’s export-driven economy has been hit by slow global demand and a weak yen that has blunted South Korean exporters’ price competitiveness against Japanese rivals in global markets.

Seoul’s finance ministry in March cut the country’s growth forecast for this year to 2.3 percent, down from its December estimate of 3 percent.

The Bank of Korea also slashed a key interest rate in March for the first time for seven months, after lowering its 2012 growth forecast to 2.6 percent from the previous estimate of 2.8 percent.

Asia’s fourth-largest economy expanded 2 percent for 2012 — the slowest growth for three years — after growing 3.6 percent in 2011.

 

 

 

Source : Channel News Asia | 30 May 2013

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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