March Exports Down 0.2%... Turn Negative in One Month (Update)

[Asia Economy Reporter Kwangho Lee] Due to the impact of the novel coronavirus infection (COVID-19) crisis, exports last month plummeted again after one month.

According to the 'March 2020 Export-Import Trends' announced by the Ministry of Trade, Industry and Energy on the 1st, last month's export amount (based on customs clearance) was 46.91 billion dollars, down 0.2% compared to the same period last year.

The fact that exports in March, when the spread of COVID-19 became full-scale, decreased by only 0.2% compared to the previous year is analyzed to be influenced by the strong performance of IT items such as semiconductors due to the spread of non-face-to-face lifestyles and an increase in the number of working days.

The average daily export continued its downward trend, falling from -11.9% last month to -6.4%, but the rate of decline eased.

By item, the main item, semiconductors, decreased by 2.7% compared to the previous year. Semiconductors turned positive last month for the first time in 15 months but returned to a declining trend.

However, due to the effects of telecommuting, computers increased by 82.3%, and wireless communication increased by 13.3%. Textiles (-8.8%), petrochemicals (-9.0%), and petroleum products (-5.9%) decreased.

By region, exports to China decreased, while exports to the United States and the European Union (EU) increased.

Imports were 41.87 billion dollars, down 0.3% compared to the previous year.

Accordingly, the trade balance showed a surplus of 5.04 billion dollars. The surplus has continued for 98 consecutive months.

An official from the Ministry of Trade, Industry and Energy stated, "The impact on exports was limited until March, but exports are expected to face difficulties in the future due to the spread of COVID-19."

This content was produced with the assistance of AI translation services.