South Korea's trade balance recorded a deficit in April for the first time in 99 months due to sluggish exports amid the coronavirus pandemic.
The Ministry of Trade, Industry and Energy said Friday that exports plunged 24-point-three percent in April from a year earlier to 36-point-nine billion dollars.
Imports fell nearly 16 percent to 37-point-eight billion, resulting in a deficit of 950 million dollars, ending a trade surplus streak that continued for 98 months.
The ministry attributed April's export figure to a plunge in global demand amid the pandemic as well as fewer business days and a higher base effect.
Considering the number of work days, daily average shipments fell 17-point-four percent last month.
By destination, Korean exports lost ground in all major global regions due to the spread of COVID-19.
But some sectors benefited from the crisis with increased demand for Korean quarantine products. This led bio-health exports to jump 29 percent. Shipments of computers also surged 99 percent as more people were working from home.
The ministry said the trade deficit is a temporary phenomenon, noting the decrease in exports was not as sharp as the decline in imports, while South Korean manufacturing was operating normally compared to other countries.