Direct Hit from COVID-19-Induced Trade Slump... Exports Down 18.6% from 1st to 10th This Month (Update)

Korea Customs Service Announces 'Export and Import Status from 1st to 10th'

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Due to the impact of the novel coronavirus infection (COVID-19), exports from April 1 to 10 this month plummeted by 18.6% compared to the same period last year. Major export items such as semiconductors, passenger cars, and petroleum products all collapsed due to decreased demand caused by the spread of COVID-19.

According to the 'Export and Import Status from April 1 to 10 (Customs Clearance Basis, Preliminary)' announced by the Korea Customs Service on the 13th, exports during this period amounted to $12.2 billion, down 18.6% ($2.8 billion) from the same period last year.

The global trade slump, economic slowdown, and oil price decline caused by the worldwide spread of COVID-19 dealt a direct blow to our exports.

The average daily export amount, considering the number of working days during this period, also decreased by 18.6%. This is because the number of working days was the same as last year (8.5 days). The average daily export amount was $1.44 billion, down $330 million from $1.77 billion during the same period last year.

By export item, most major items decreased, including semiconductors (-1.5%), passenger cars (-7.1%), petroleum products (-47.7%), wireless communication devices (-23.1%), and automobile parts (-31.8%).

By country, major countries also showed negative growth, including China (-10.2%), the United States (-3.4%), the European Union (EU, -20.1%), Vietnam (-25.1%), Japan (-7.0%), Latin America (-51.2%), and the Middle East (-1.2%).

Imports also decreased due to the trade slump caused by COVID-19. Imports during this period amounted to $14.6 billion, down 13.0% ($2.18 billion) compared to the same period last year.

Information and communication devices (8.5%) and gas (4.1%) increased, but crude oil (-18.0%), semiconductors (-5.4%), machinery (-11.9%), and coal (-40.7%) decreased.

Imports from China (0.3%) and Singapore (10.3%) increased, but those from the United States (-22.4%), the EU (-20.9%), the Middle East (-11.9%), and Japan (-15.2%) decreased.

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