The Financial Express

South Korea's export drops 23.7pc in May over pandemic

| Updated: June 09, 2020 12:02:52

File photo (collected) File photo (collected)

South Korea's export dropped in double digits in May as global demand weakened amid the coronavirus (COVID-19) outbreak across the world, a government report showed Monday.

Export, which accounts for about half of the export-driven economy, amounted to 34.86 billion US dollars in May, down 23.7 per cent from a year earlier, according to the country's Ministry of Trade, Industry and Energy.

The daily average export retreated 18.4 per cent on a yearly basis, reports Xinhua.

The coronavirus pandemic damaged global demand for locally-made products, leading to the export's double-digit reduction for the second consecutive month. The export plunged 25.1 per cent in April.

Import contracted 21.1 per cent from a year earlier to 34.42 billion dollars in May on the back of lower global crude oil price. The import slumped 15.8 per cent in April.

Trade balance recorded a surplus of 0.44 billion dollars in May, after posting a deficit of 1.39 billion dollars in April.

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