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S. Korea's Exports Decline for 6 Straight Months

Written: 2020-09-01 09:56:00Updated: 2020-09-01 10:42:06

S. Korea's Exports Decline for 6 Straight Months

Photo : YONHAP News

South Korea's exports have declined for the sixth consecutive month in August due to the economic fallout of the COVID-19 pandemic, but the contraction remained in single-digits for the second month in a row. 

According to the Ministry of Trade, Industry and Energy on Tuesday, the country's outbound shipments came to 39-point-seven billion U.S. dollars last month, down nine-point-nine percent from a year earlier. 

Exports have shrunken for six straight months since March when they contracted one-point-seven percent. 

Outbound shipments plunged by more than ten percent for the next three straight months before slowing to a contraction of seven-point-one percent in July.

Imports declined by 16-point-three percent on-year in August to 35-point-five billion dollars, resulting in a trade surplus of four-point-12 billion dollars.

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