ⓒYONHAP News

Amid widespread fallout from the COVID-19 pandemic, South Korea lost a quarter of its exports in April.

The Trade Ministry on Friday revealed outbound shipments came to 36-point-nine billion dollars last month, down 24-point-three percent on-year.

Asia's fourth largest economy also suffered its first monthly trade deficit since 2012.

During Friday's COVID-19 response meeting, Prime Minister Chung Sye-kyun said this was only the beginning of an economic crisis.

"This has so far been overshadowed by our quarantine success, but the economy is now suffering an unprecedented shock from the COVID-19 [outbreak] in various areas. The economic crisis is now in the beginning stage. It's weighing heavily on my mind. We must make a meaningful turning point in the month of May to give hope to the Korean public. We are planning to devise and swiftly carry out bold measures for employment and economic revitalization. However, the normalization of economic activities first requires thorough quarantine."

By destination, exports to China fell 17-point-nine percent while shipments to the United States and the European Union sank 13-point-five percent and 12-point-eight percent, respectively.

European Central Bank chief Christine Lagarde said on Thursday the eurozone economy could contract by five to 12 percent this year due to the coronavirus crisis.

"Given the high uncertainty surrounding the ultimate extent of the economic fallout, growth scenarios produced by ECB staff suggest that Euro area GDP could fall by between five and 12 percent this year, depending crucially on the duration of containment measures and success of policies to mitigate the economic consequences for businesses and workers."

"As the containment measures are gradually lifted, these scenarios foresee a recovery in economic activity although its speed and scale remain highly uncertain."

The U.S. earlier revealed its economic growth shrank at a four-point-eight percent annualized pace in the first three months of the year.

U.S. President Donald Trump on Thursday sought to offer a rosy outlook despite the data, but couldn't specify on what grounds.

"Well, I think we're gonna have a great third quarter, it's going to be a transition. So when I say great, I think the transition is going to be really terrific and we're gonna take it into the fourth. And I think we're going to have potentially a great fourth quarter. There's tremendous pent up demand. I don't know if Kevin said that or Larry Kudlow, but they're telling, they see it. But I feel it. I feel it."

South Korea's export-driven economy was expected to rebound three percent this year as the U.S.-China trade dispute was phasing out.

Industry Minister Sung Yun-mo assured exports will rise again once the pandemic is put under control, but no signs suggest that will happen anytime soon.