South Korea’s exports witnessed the sharpest decline in eleven years in April due to the COVID-19 pandemic. 

According to statistics released by the Bank of Korea on Tuesday, the nation’s exports shrank 12-point-six percent on-year in April. 

It’s the sharpest drop since January 2009 when the nation was reeling from the 2008 financial crisis.  

The decline came after exports in February and March posted growth despite the spread of COVID-19. The latest data indicates that exports slipped after demand for imports fell as key economies shut their doors to the outside world.  

Meanwhile, imports fell one-and-a-half percent during the same period, particularly in terms of primary metal products as well as machinery and equipment.