Exports Nearly Halve in Early May
12 May, 2020
Exports nearly halved in the first week of May as the impact of the coronavirus epidemic becomes more visibly reflected in the figures.
In line with the Korea Customs Service on Monday, exports plunged to US$6.9 billion in the first 10 days of the month, down an impressive 46.3 percent on-year.
Average exports per morning plunged 30.2 percent from $1.98 billion this past year to $1.38 billion this season. That they had hovered around $1.8-$2 billion in the first quarter but nosedived to $1.68 billion in April, when the epidemic spiked in the U.S. and Europe.
Exports are expected going to an all-time low if the trend continues.
Shipments of all key exports dropped -- 17.8 percent for semiconductors, -35.9 percent for wireless telecommunications products, and -75.6 percent for petroleum products.
Car exports plunged an astounding 80.4 percent to an archive low, resulting in a trade deficit of $2.6 billion in the sector as imports dropped only 37 percent.
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