Menu Content


S. Korea's Exports Drop 23.7% in May amid COVID-19 Slowdown

Write: 2020-06-01 13:34:11Update: 2020-06-01 18:48:51

Photo : YONHAP News

Anchor: Amid a protracted economic slowdown from the novel coronavirus pandemic, South Korea's exports shrank nearly 24 percent last month, to post an on-year decline for the third time since March. The auto and petrochemical sectors saw the biggest losses, while the chip industry returned to positive territory.
Choi You Sun reports.

Report: The Ministry of Trade, Industry and Energy announced on Monday that South Korea's exports totaled 34-point-nine billion dollars in May, dipping 23-point-seven percent compared to a year earlier.

Reflecting the fallout from the COVID-19 pandemic, outbound shipments declined for the third consecutive month, after falling one-point-four percent on-year in March and by a whopping 25-point-one percent in April.

Automobiles and petrochemical products were hit hardest by business suspensions due to the pandemic, with exports falling 54-point-one and 69-point-nine percent, respectively.

Exports of mainstay items such as semiconductors were on the rebound as Chinese PC manufacturers resumed operations, rising seven-point-one percent on-year to eight billion dollars.

Sales of biohealth products, including COVID-19 testing kits, surged 59-point-four percent, while those of computers and processed foodstuffs rose 82-point-seven and 26-point-six percent, respectively, as more people stayed home.

By country, exports to South Korea’s biggest trading partner, China, edged down two-point-eight percent suggesting a recovery. However, shipments to the United States and the European Union shrank 29-point-three and 25 percent, respectively.

Amid plunging global oil prices, imports also dropped 21-point-one percent to 34-point-four billion dollars last month, resulting in a trade surplus of 440 million dollars.
Choi You Sun, KBS World Radio News.

Related News

Editor's Pick


This website uses cookies and other technology to enhance quality of service. Continuous usage of the website will be considered as giving consent to the application of such technology and the policy of KBS. For further details >