SEOUL : South Korea’s factory activity slowed in March, as the economic fallout from the Ukraine war added strains to firms already struggling with supply chain disruptions and inflationary pressures, a private-sector survey showed on Friday.
The Markit purchasing managers’ index (PMI) fell to 51.2 in March from 53.8 in February, standing above the 50-mark threshold that indicates expansion in activity. It was the 18th straight month of expansion, although it was the lowest in four months.
“South Korean manufacturers reported that sharp price rises and sustained supply chain disruption had hindered production and demand at the end of the first quarter of the year,” said Usamah Bhatti, an economist at S&P Global.
“Moreover, manufacturing firms noted the impact that economic sanctions on Russia and the war with Ukraine had on international demand, with new export sales falling at the fastest pace since mid-2020.”
New export orders…
