South Korea’s export posts double-digit fall in first 20 days of April

SEOUL (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 yesterday.

Export, which takes up about half of the export-driven economy, amounted to USD21.73 billion during the April 1-20 period, down 26.9 per cent from the same period of last year, according to Korea Customs Service.

Import retreated 18.6 per cent to USD25.18 billion, sending the trade deficit to USD3.45 billion.

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

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

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

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