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S. Korea's Exports Decline by over 10% for 3 Straight Months

Written: 2020-07-01 09:37:50Updated: 2020-07-01 11:09:55

S. Korea's Exports Decline by over 10% for 3 Straight Months

Photo : YONHAP News

South Korea's exports have declined by more than ten percent for three straight months due to the economic fallout of the COVID-19 pandemic. 

According to the Ministry of Trade, Industry and Energy on Wednesday, the country's outbound shipments came to 39-point-two billion U.S. dollars in June, down ten-point-nine percent from a year earlier. Exports declined by 25-point-five percent on-year in April and 23-point-six percent in May.

Daily average exports dropped 18-point-five percent in June on-year, similar to the comparable figure for May. 

Exports of autos and auto parts plunged 33-point-two percent and 45 percent, respectively, and shipments of textiles fell 22-point-three percent. 

Shipments to China increased nine-point-five percent, while exports to the United States and the European Union fell eight-point-three percent and 17 percent, respectively.  

Imports slipped eleven-point-four percent to 35-point-six billion dollars, resulting in a trade surplus of three-point-67 billion dollars.

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