Asia still up, but future uncertain

HONG KONG — Asian factories extended a global manufacturing revival as activity picked up steam in February, though the outlook for many of the region’s export-reliant economies remained uncertain in the wake of US President Donald Trump’s protectionist stance.

Manufacturing surveys for Asia, including for its two biggest economies China and Japan, showed a broadly positive impulse for exports in a welcome sign for many of the companies tapped into the global supply chain.

Authorities in China, whom Trump last week labelled the “champions of currency manipulation”, can take comfort from a private survey showing factory activity expanded for an eighth consecutive month thanks to a pick up in export orders.

India also benefited from a rebound in global demand with activity expanding for a second month, not entirely surprising given data a day earlier showed annual growth expanded seven per cent, though the strong number raised scepticism among economists on the quality of the figures.

South Korea’s exports grew at their fastest pace in five years supported by a pickup in global demand and from China.

In Japan, the picture was mixed, even as a pick up in manufacturing activity at its fastest pace in three years was accompanied by strong export orders. —