A manufacturing slump in South Korea has extended to its longest in nearly half a century while other big exporters in East Asia also being hit by slow demand.
| China’s slowing growth is sparking warnings of contagion in Asia, as waning consumer demand and slower manufacturing hit neighbouring countries with close ties to the world’s second-largest economy.
The country’s exports fell in July at the steepest pace in more than three years, led by smaller shipments of computer chips to China, while purchasing managers’ indices on Friday showed that factory activity fell in August for the 14th consecutive month, the longest drop in the survey’s history. Tsui cautioned that the trade and finance hubs of Hong Kong and Singapore would be most exposed to a weakening China, given that Chinese demand accounts for 13 per cent and 9 per cent of gross domestic product, respectively.
However, the country now appears vulnerable to its largest trading partner’s economic malaise, with the Australian dollaragainst the US dollar in 10 months as expectations of China’s growth have been scaled back. Malaysia’s growth rate hit the slowest in nearly two years, data this month showed, as it too confronted the slowdown led by its main trading partner.
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