March 1, 2021

Production fell in February in South Korea to the highest since 2011 due to the coronavirus



South Korea suffered its highest drop in industrial production in nine years in February due to the spread of the coronavirus, the government of the Asian country reported today.

The drop was 3.5% compared to January, the largest since February 2011 (when it was 3.7%), according to data published Tuesday by the South Korean Statistical Office.

Although the production of chips, the main product of the Asian country, increased 3.1% compared to January, that of cars fell 27.8% due to the problems of manufacturers such as Hyundai to get their subsidiaries in China, the area zero coronavirus, will manufacture and ship auto parts.

Machinery manufacturing fell by 5.9%.

Although South Korea has not limited the mobility of its citizens and has managed to stabilize the new infections, it has strongly recommended that citizens maintain social distancing.

Thus, production in the services sector fell by 3.5% in February compared to January, the highest since data collection began in 2000.

In fact, measured production in restaurants and other hospitality establishments sank 18.1% in February.

In related data, the Statistical Office also indicated that retail sales fell 6% in the said period in South Korea.

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