SEOUL - South Korea's factory activity shrank faster in February, as export orders contracted at the fastest pace in over six years in a shattering blow to production, a private survey showed on Monday , as the coronavirus chilled global demand and business activity.
Factory output in South Korea was also hit hard, with the gauge tumbling to 44.4, from 50.1 in January, marking the sharpest decline in nearly five years. Anecdotal evidences showed the epidemic could extract a heavy toll on the auto industry. Major exporting companies including Hyundai Motor Co and Samsung Electronics have partially shutdown their production lines after workers tested positive, while LG Display has also shut a display module plant for disinfection work until Tuesday.
A few data releases including February exports underlined the negative impact from the virus, with shipments per working day plunging, but markets fear the worst is yet to come.
Source: News Formal (newsformal.com)
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