TOKYO — Factory activity contracted sharply across most of Asia in March as the coronavirus pandemic paralyzed economic activity across the globe, with sharp falls in export power-houses Japan and South Korea overshadowing a modest improvement in China. Manufacturing gauges also tumbled in Indonesia, Vietnam and the Philippines, Purchasing Managers' Index (PMI) surveys showed on Wednesday, underscoring the widening damage brought by the pandemic that has infected more than 700,000 people, upended supply chains and led to city lockdowns worldwide. China's factory activity improved slightly more than expected in March after plunging a month earlier, a private business survey showed, but growth was marginal, highlighting the intense pressure facing businesses as domestic and export demand slumps. While factories in China gradually restarted operations after lengthy shutdowns and a fall in virus cases allowed the country to start relaxing travel restrictions, activity in South Korea shrank at its fastest pace in 11 years as many of its trading partners imposed dramatic measures to curb the virus' spread.

Source: International New York Times April 01, 2020 04:52 UTC