SEJONG, May 29 (Yonhap) — South Korea’s factory output plunged by the most in more than a decade in April from a month earlier, as the coronavirus pandemic hit exports, data showed Friday.
Production in the mining, manufacturing, gas and electricity industries plunged 6 percent, marking the sharpest decline since December 2008, according to data compiled by Statistics Korea.
The country’s overall industrial production also fell 2.5 percent in April.
In March, the nation’s overall industrial output fell 0.3 percent on-month, marking the sharpest decline since February 2011.
Retail sales rose 5.3 percent in April from a month earlier as the nation eased strict social distancing rules, and the output in the service sector gained 0.5 percent on-month.
The economy, Asia’s fourth largest, shrank 1.4 percent on-quarter in the first quarter of this year, the sharpest quarterly contraction since the last three months of 2008.
Exports sank 20.3 percent on-year in the first 20 days of May amid the shock from the coronavirus pandemic.