SEOUL, Dec 28 Reuters South Korea39;s November factory output posted the fastest gain since May 2022 on soaring chip production, official data showed on Thursday.

The industrial output index increased 5.3 in November from a year earlier, according to Statistics Korea, beating a median estimate of a 3.0 gain tipped in a Reuters survey.

Semiconductor production soared 42.4 from a year earlier, boosting the country39;s factory output even as that of machines and other electric components dropped 13.8 and 9.9 each, Statistics Korea report showed.

From a month earlier, the index gained 3.3, also beating a 1.0 increase projected in the survey.

On Wednesday, a Reuters poll showed South Korea39;s exports likely rose for a third month in December as stronger semiconductor exports were seen supporting the country39;s economic recovery into the new year.

Reporting by Cynthia Kim and Youn Ah Moon in Seoul Editing by Leslie Adler and Matthew Lewis

Source Reuters