South Korea's manufacturing sector sees fastest growth in two years; Aluminium prices drive up costs

This was the highest reading since May 2022, following two consecutive months below the 50-mark that distinguishes expansion from contraction.

According to the survey, output surged at the fastest pace since July 2021, while new orders saw their largest increase since February 2022. This was driven by new product launches, stronger export sales, and increased domestic demand.

South Korea boasts a highly developed mixed economy. With a nominal GDP valued at ₩2.24 quadrillion (US$1.72 trillion), it ranks as the 4^th largest economy in Asia and the 14^th largest globally as of 2024.

It's not just a one-time increase; new export orders rose for the fifth month. This consistent growth is a testament to the resilience of South Korea's export sector, with manufacturers experiencing sales growth across various markets, including Europe, North and South America, and Asian countries such as China, Japan, and Vietnam.

South Korea's exports have risen since October, significantly boosting the trade-dependent economy's first-quarter growth, which was the fastest in over two years.

The country's economy heavily depends on exports for growth, with key export products including electronics, textiles, ships, automobiles, chemicals, and steel.