Industrial electricity sales up 2.9%

Consumption of electricity by South Korea's industrial sector rose 2.9 percent in September from a year ago despite decreased exports, the government said Wednesday. According to the Ministry of Trade, Industry and Energy, sales of industrial electricity reached 21.8 billion kilowatt-hours in September. Industrial electricity sales serve as a barometer of industrial activities as companies use more electricity when business is lucrative and cut back when demand is low. The Chuseok holiday drove the country's exports down 1.5 percent in September from a year ago, but the electricity consumption jumped due to a rise in exports of semiconductors and wireless telecommunication devices that usually require a lot of electricity to manufacture, the ministry said. Chuseok, which is the Korean equivalent of Thanksgiving, is one of two major holidays in South Korea, the other being Lunar New Year, where families and relatives get together in their hometowns. South Koreans enjoyed five consecutive days off from Sept. 18, which removed two business days from the month compared to a year ago. Overall sales of electricity grew 2.4 percent on-year to 38.78 billion kilowatt-hours in September, as the use of electricity by households rose 2.7 percent during the Chuseok holiday.