Gwangju's Manufacturing Output Rises by 10.3%
Jeonnam Sees Decline in Both Production and Consumption
Gwangju's Large Retail Sales Drop by 8.0%
Industrial activity in the Gwangju and Jeonnam regions showed contrasting trends in March. Gwangju experienced a clear recovery, with an increase in manufacturing production, but consumer spending remained sluggish. In contrast, both production and consumption declined in Jeonnam, raising continued concerns about an economic slowdown.
According to the "March Industrial Activity Trends" report released by the Honam Regional Statistics Office on April 30, the industrial production index for Gwangju stood at 131.4, up 10.3% from the same month last year. The increase in production was driven by electrical equipment (38.2%), automobiles (8.0%), and tobacco (22.5%). Shipments also rose by 2.9%, while inventories increased by 5.8%.
In contrast, the industrial production index for Jeonnam was 101.5, a decrease of 2.8% compared to the same month last year. Petroleum refining (-18.0%), chemical products (-4.2%), and electrical equipment (-57.6%) all showed weak performance. Both shipments (-0.3%) and inventories (-1.4%) also declined.
Consumer indicators were weak in both regions. The sales index for large retail stores in Gwangju was 100.6, down 8.0% from the same month last year. Both department stores (-7.9%) and large discount stores (-8.3%) saw declines, with significant drops in categories such as home appliances (-25.6%) and shoes and bags (-23.3%).
In Jeonnam, the sales index for large retail stores was 86.8, a decrease of 4.8%. Apparel (-27.0%) and home appliances (-12.6%) showed particularly sharp declines, while only a few categories, such as food and beverages (0.4%) and leisure and hobby goods (26.2%), recorded slight increases.
An official from the Honam Regional Statistics Office explained, "In March, Gwangju saw an increase in manufacturing production centered on electrical equipment and automobiles, but consumption showed a slowing trend, while both production and consumption in Jeonnam decreased compared to the previous year."
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