South Korea’s manufacturing sector records lowest output in 9 years

South Korea’s manufacturing sector records lowest output in 9 years

THE WHAT? South Korea’s manufacturing sector reported a 3.8 percent month-on-month drop in output for February, 2020 – its sharpest dip since the 2008 recession, according to a report published by Yonhap News.

THE DETAILS The last time a similar drop was recorded was December, 2008, according to data compiled by Statistics Korea. Mining, gas and electricity recorded identical drops, while industrial output slowed 3.5 percent month-on-month, a nine-year low.

“The virus outbreak also dealt a harsh blow to the service and retail segments due to changing patterns in consumption,” the agency reported, per Yonhap News.

THE WHY? With the world battling a pandemic demand has dropped dramatically, raw material shortages are rife and global shipments interrupted by entry bans.  

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