South Korea Feb new export orders contract at fastest pace in over 6 years

SK Nikkei/Markit PMI out today also, comes in at 48.7 in February, from 49.8 in January

• its been below the 50-point level (which separates growth from contraction) in nine of the past 10 months

• New export orders contracted at the quickest pace in over six years
• Factory output in South Korea to 44.4, from 50.1 in January, marking the sharpest decline in nearly five years
• Total new orders returned to contraction after expanding for two months in a row

Comments:

• "Unsurprisingly, the South Korean manufacturing sector was hit by a dual-pronged negative shock to the demand- and supply-side of the economy in February amid the COVID-19 outbreak," IHS Markit economist Joe Hayes said.
• "The concern for South Korea will be how hard this is going to hit exports,"
• "Even if demand does recover, day-to-day operations are likely to suffer ... until normality across supply chains is restored"