South Korea’s exports fell sharply in the second quarter amid a drawn-out trade war between the U.S and China and a weak semiconductor market.
According to monthly statistics on merchandise trade released by the World Trade Organization(WTO), South Korea shipped a total of 138-point-59 billion U.S. dollars' worth of goods from April to June, down eight-point-six percent from a year earlier.
The WTO said it was the second-largest on-year drop in exports among G20 countries behind only Indonesia, which saw its exports drop nine-point-one percent in the second quarter. Russia came in third with an eight-point-three percent decline.
The numbers suggest that countries more reliant on trade with the U.S. and China saw relatively steeper drop-offs in export numbers. The U.S. and China, for their part, saw on-year exports decline three-point-one percent and one-percent, respectively.
Worldwide, the volume of South Korea's exports was the sixth largest, a notch down from the second quarter last year.