SEOUL--LG Display, the world's second-largest liquid crystal display maker, has cut down on production in the short term amid a global supply glut and falling prices, a report said Sunday.

The South Korean company plans to reduce its total LCD production by about 10 percent until August, Yonhap news agency said, quoting an LG official and industry sources.

LG Display's move followed similar steps by its Taiwanese rivals CPT, CMO and AU Optronics, it said.

"July and August are vacation seasons in North America and Europe, meaning less demand for products and a supply glut in global markets," the unidentified LG Display official was quoted as saying.

"Under the company's business principle to cope with the market flexibly, we have decided to reduce the amount of glass plate inputs" at two factories in South Korea, the official said.

Global LCD panel prices dropped more than 10 percent month-on-month in July amid oversupply, according to display market researcher DisplaySearch.

South Korea's Samsung Electronics, the world's largest LCD manufacturer has said it has no immediate plan to cut down on the producing of its flat-screen panels.