S. Korea's exports sink 24.3% y/y in April due to COVID-19 pandemic
- 4 years ago
4월 수출 24% 급감…무역수지 99개월만에 적자 전환
Let's start with the grim new reality facing the traditional driver of the South Korean economy in this post-COVID-19 world.
South Korea's export figures for April took a hammering as a result of the pandemic and historically-low oil prices.
Kim Dami reports.
South Korea's exports sunk over 24 percent in April from a year earlier due to the COVID-19 pandemic.
The trade ministry said on Friday that total outbound shipments last month amounted to around 37 billion U.S. dollars, a decrease of around a quarter from April last year.
Imports were also down almost 16 percent during the same period.
The country suffered a deficit of around 9-hundred fifty million dollars,... breaking its 98-month streak of having more exports than imports.
The trade ministry, however, noted that the country's manufacturing sector is operating normally, compared to other countries, adding that the trade deficit is just temporary.
By sector, shipments of automobiles and automobile parts fell over 36 percent and almost 50 percent respectively.
Due to low global demand, semiconductor exports dropped almost 15 percent, and smartphone exports fell almost 44 percent.
The ministry noted that the dramatic drop comes after national lockdowns and factory shutdowns in developed countries including Europe in mid-March.
Despite the bad export conditions, including falling global oil prices, exports of bio-tech products such as COVID-19 test kits went up 29 percent.
Computer shipments also jumped by almost 100 percent as people across the globe are working from home and taking online classes.
Vowing to closely monitor the country's trade trends,...Vice Finance Minister Kim Yong-beom said on Friday that the government will prepare a new growth engine for life after the COVID-19 crisis and lead the way to the normalization of the global economy.
Kim Dami, Arirang News.
Let's start with the grim new reality facing the traditional driver of the South Korean economy in this post-COVID-19 world.
South Korea's export figures for April took a hammering as a result of the pandemic and historically-low oil prices.
Kim Dami reports.
South Korea's exports sunk over 24 percent in April from a year earlier due to the COVID-19 pandemic.
The trade ministry said on Friday that total outbound shipments last month amounted to around 37 billion U.S. dollars, a decrease of around a quarter from April last year.
Imports were also down almost 16 percent during the same period.
The country suffered a deficit of around 9-hundred fifty million dollars,... breaking its 98-month streak of having more exports than imports.
The trade ministry, however, noted that the country's manufacturing sector is operating normally, compared to other countries, adding that the trade deficit is just temporary.
By sector, shipments of automobiles and automobile parts fell over 36 percent and almost 50 percent respectively.
Due to low global demand, semiconductor exports dropped almost 15 percent, and smartphone exports fell almost 44 percent.
The ministry noted that the dramatic drop comes after national lockdowns and factory shutdowns in developed countries including Europe in mid-March.
Despite the bad export conditions, including falling global oil prices, exports of bio-tech products such as COVID-19 test kits went up 29 percent.
Computer shipments also jumped by almost 100 percent as people across the globe are working from home and taking online classes.
Vowing to closely monitor the country's trade trends,...Vice Finance Minister Kim Yong-beom said on Friday that the government will prepare a new growth engine for life after the COVID-19 crisis and lead the way to the normalization of the global economy.
Kim Dami, Arirang News.