South Korea’s domestic supply in manufacturing up 6.4%

South Korea’s total supply in manufacturing rose in the third quarter from a year earlier on a sharp rise in imports, government data showed on Friday.

The manufacturing domestic supply index — which measures both goods produced locally and brought into South Korea — advanced 6.4 percent on-year to stand at 116.4, according to the data compiled by Statistics Korea, according to Yonhap.

The on-year growth is higher than the 5.3 percent gain tallied three months earlier due to a rise in imported goods supply and domestic supply. The data in the July-september period marked six straight quarters of growth of the country’s total supply in manufacturing.

South Korean-made goods inched up four percent in the third quarter from a year earlier, while imported products saw their index jump 11.8 percent onyear.

In 2016, Statistics Korea came up with the index to measure the total domestic supply of locally produced goods and imported products, with the base number tallied in 2010 set at 100.

The statistics office said an increase in the index represents a rise in the purchasing power of South Korean consumers and producers, and is a sign of expansion of the domestic market.

The index for consumer goods increased five percent in the third quarter from a year earlier and the figure for intermediate goods added 3.6 percent, with that of capital goods soaring 21.9 percent on-year.

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