The Financial Express
Swasti Lankabangla Swasti Lankabangla

South Korea's export logs double-digit fall last year

| Updated: January 02, 2020 14:40:15

File photo (Collected) File photo (Collected)

South Korea's export logged a double-digit fall last year, marking the first yearly decline in 10 years, a government report showed Wednesday.

Export, which accounts for about half of the export-driven economy, amounted to 542.41 billion US dollars in 2019, down 10.3 per cent from the previous year, according to the Ministry of Trade, Industry and Energy.

It marked the first time since 2009 that the country's outbound shipment shrank in double figures. The export sank 13.9 per cent in 2009 amid the negative effect from the global financial crisis, reports Xinhua.

Last year's double-digit export fall was attributed to the global trade dispute, the downturn of business cycle in the global semiconductor industry, and cheaper global crude oil.

Import retreated 6.0 per cent to 503.23 billion dollars in 2019, sending the trade surplus to 39.18 billion dollars. The trade balance stayed in the black for 11 straight years.

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