SEOUL, May 29 (AJP) - The energy shocks from months-long disruption of the Strait of Hormuz from the Middle East conflicts arrived on South Korean shores, battering industrial activity, corporate and consumer spending in April, data showed Friday.
Factory output fell 0.7 percent from the previous month in April, the first contraction since January, as the refining sector was hit hard by the suspension of shipments from the Gulf, according to the Ministry of Statistics and Data.
Industry-wide output stood at 117.8 in April, down 0.6 percent from the previous month in the first decline since January.
Refining production collapsed 19.4 percent, marking its sharpest decline in roughly 38 years since 1988 in the aftermath of the Asian financial crisis and nationwide industrial restructuring, underscoring the depth of the Hormuz shock.
Copyright ⓒ Aju Press All rights reserved.