BUSINESS S.Korea's export posts double-digit fall in 1st 20 days of April

BUSINESS

S.Korea's export posts double-digit fall in 1st 20 days of April

Xinhua

09:31, April 21, 2020

SEOUL, April 21 (Xinhua) -- South Korea's export posted a double-digit fall in the first 20 days of this month, showing signs of the global trade downturn caused by the COVID-19 outbreak, customs office data showed Tuesday.

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A vendor prepares food at a market in Seoul on April 20, 2020. (Photo: AFP)

Export, which takes up about half of the export-driven economy, amounted to 21.73 billion U.S. dollars during the April 1-20 period, down 26.9 percent from the same period of last year, according to Korea Customs Service.

Import retreated 18.6 percent to 25.18 billion dollars, sending the trade deficit to 3.45 billion dollars.

The daily average export declined 16.8 percent in the cited period as the global trade was negatively influenced by the COVID-19 outbreak across the world.

Semiconductor export reduced 14.9 percent during the 20-day period, with those for automobiles and oil products plunging 28.5 percent and 53.5 percent respectively.

Shipment of telecommunication devices such as smartphone, plummeted 30.7 percent, and auto parts export dived 49.8 percent in the period.

Export to China, South Korea's biggest trading partner, dipped 17.0 percent, and those to the United States and the European Union (EU) tumbled 17.5 percent and 32.6 percent each.

Shipment to Vietnam, Japan and the Middle East diminished in double figures in the 20-day period.


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