Edward White
The return to coronavirus lockdowns across Europe threatens to derail Asia’s biggest exporters just as they return to growth, economists have warned.
South Korean factories last month returned to growth for the first time this year, according to an industry gauge, the latest sign of an export-led recovery for Asia’s fourth-biggest economy.
The IHS Markit manufacturing purchasing managers’ index rose to 51.2 in October from 49.8, marking the first time since December 2019 the reading was higher than the 50 point level separating expansion from contraction.
Usamah Bhatti, an economist at IHS Markit, said the data reflected a “clear improvement” in South Korea’s manufacturing sector despite concerns around rising job losses.
“A gradual recovery has been seen as the impacts of the Covid-19 pandemic eased and outright expansions in both output and new orders were registered, with both rising at their fastest paces in seven-and-a-half years,” Mr Bhatti said.
However, Moody’s analysts noted that while the South Korean economy was tracking ahead of most of its regional counterparts, the fresh series of virus-linked restrictions in France, Germany and the UK was poised to dampen external demand in the near term.
“The chances of sustaining the trade-led recovery are
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