Skip to main content

South Korea March output surges as China factory shutdowns boost demand

SEOUL (ITNTV) - South Korea’s March factory output jumped by the most in 11 years as demand for display panels and cars received an unexpected boost from lengthy shutdowns in competing Chinese factories amid the coronavirus pandemic.
Industrial output surged by a seasonally adjusted 4.6% in March from a month earlier, government data showed on Wednesday, marking the biggest expansion since a 7.3% jump in February 2009 and handily beating a 1.3% fall tipped in a Reuters survey.
Production of electronic components including display panels soared 12.7% while autos output surged 45.1%, as virus-related production disruptions in China benefited Korean manufacturers and the launch of new car models also helped.
“Output of electronic components were seen weakening before March but demand surged in March on production disruptions at Chinese companies,” a Statistics Korea official said.
ADVERTISEMENT
The boost is likely to be short-lived, however, as factories in China gradually restarted operations, he added.
Despite the surprise output surge, the prospect of a recession is growing in Asia’s fourth-largest economy.
The coronavirus pandemic pushed South Korea’s economy into its biggest contraction since 2008 in the first quarter, as self-isolation measures hit consumption and global trade slumped.
ADVERTISEMENT
President Moon Jae-in on Tuesday said growth readings for the economy are likely to worsen in the second quarter with the deepening impact from the pandemic.
On a year-on-year basis, the factory output jumped 7.1%, compared with a 11.3% rise in February.

Comments

Popular posts from this blog

Erdoğan says Turkey will overcome coronavirus in ‘two-three weeks’

Turkey  will overcome the  coronavirus  outbreak in two to three weeks through good measures and with as little damage as possible, President Recep Tayyip  Erdoğan  said on March 25. In a televised address to the nation, Erdoğan said Turkey was prepared for every scenario on the outbreak and urged Turkish nationals to show patience, understanding and support. “By breaking the speed of the virus’ spread in two to three weeks, we will get through this period as soon as possible and with as little damage as possible,” Erdoğan said. “Bright days await us, so long as we adhere by the warnings, remain cautious and careful,” he added. “Every citizen’s life is equally valuable to us. That is why we say, ‘Stay at Home, Turkey’.” Ankara has taken a series of measures to contain the virus, including limiting the use of public spaces, imposing a partial curfew on the elderly, as well as closing schools, cafes, and bars, banning mass prayers, and suspending sports...

US, UK coronavirus strategies shifted following UK epidemiologists' ominous report

(ITNTV) A study by UK epidemiologists predicts that attempts to slow, or mitigate -- rather than actively halt, or suppress -- the novel coronavirus could overwhelm the number of intensive care hospital beds and lead to about 250,000 deaths in the UK and more than a million in the United States during the course of the current pandemic. Sweeping restrictions take effect in coronavirus response as health officials warn US is at a tipping point The study, which has not been published in a peer-reviewed journal, was released on Monday by  London's Imperial College  COVID-19 Response Team, which says it is advising the UK government on its response strategy. The study says it used modeling that has informed the approach of the British government in recent weeks; on Monday, the government abruptly called on vulnerable and elderly Britons to isolate themselves for 12 weeks, and introduced a variety of social distancing and quarantine recommendations that days earlier ...

Tom Cruise on Top Gun sequel: Never thought I would make it

Tom Cruise, who will be seen reprising the role of Lt Pete 'Maverick' Mitchell in Tom Gun: Maverick, said that he never thought he will be making the sequel to his 1986 hit film. hollywood superstar Tom Cruise never thought a Top Gun sequel would ever happen. "Everywhere I went, people would be like, 'Do Top Gun', and I'm like, 'Guys, I don't know how to do it'," the actor said in an interview to Empire, on the much-anticipated sequel of 1986 hit Top Gun. "I don't know what the story is. I don't make movies just to make movies. I was like, 'Jerry (Bruckheimer, producer), it's never going to happen'. I honestly never thought I would make it," femalefirst.co.uk reports the Hollywood superstar as saying. Directed by Joseph Kosinski, the movie will be exclusively distributed in India by Viacom18 Studios. In the film, Tom will be seen reprising his role as pilot Pete 'Maverick' Mitchell. Watch the tr...