A welder works on a K9 Howitzer at Hanwha Aerospace’s manufacturing facility in Changwon, South Korea, on Thursday, April 18, 2024. - Bloomberg
SEOUL: South Korea’s factory activity shrank for a fourth month in May as frail domestic demand and the impact of US tariffs took a heavy toll on factory output, while overall orders plunged at their steepest pace in five years, a business survey shows.
The Purchasing Managers Index (PMI) for manufacturers in Asia’s fourth-largest economy, released by S&P Global, edged up to 47.7 in May, from 47.5 in April.
