'Cruel April' Realized... COVID-19 Driven Export Decline of 26.9% from 1st to 20th (Update)

Customs Service Announces 'Export-Import Status from 1st to 20th'

US -17.5%, EU -32.6%... Direct Hit from 'Shutdown'

Export Performance by Industry Plummets Compared to Figures from 1st to 10th

Semiconductors -1.5%→-14.9%, Cars -7.1%→-28.5%, Auto Parts -31.8%→-49.8%

Petroleum Products -47.7%→-53.5%, Wireless Communication Devices -23.1%→-30.7%... Virtually 'Annihilated'

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Due to the impact of the novel coronavirus disease (COVID-19), exports from the 1st to the 20th of this month plunged 26.9% compared to the same period last year. The global decline in demand caused by COVID-19 severely affected most major export items such as semiconductors, passenger cars, and petroleum products. Even compared to export performance from the 1st to the 10th of this month, the decline in most industries' results deepened.

According to the 'Export-Import Status from April 1st to 20th (Provisional Customs Clearance Basis)' announced by the Korea Customs Service on the 21st, exports during this period amounted to 21.7 billion dollars, down 26.9% (7.99 billion dollars) from the same period last year.

As the impact of COVID-19 spread worldwide, global trade stagnation, economic slowdown, and falling oil prices dealt a heavy blow to South Korea's exports. The average daily export value, considering the number of working days during this period, also decreased by 16.8%. Since the number of working days dropped from 16.5 days last year to 14.5 days this year, it is difficult to attribute the overall export decline solely to fewer working days. The average daily export value was 1.5 billion dollars, down 300 million dollars from 1.8 billion dollars during the same period last year.

By export item, semiconductors (-14.9%), passenger cars (-28.5%), petroleum products (-53.5%), wireless communication devices (-30.7%), and auto parts (-49.8%) were affected. Previously, the Korea Customs Service announced on the 13th that from the 1st to the 10th of this month, most major items also declined: semiconductors (-1.5%), passenger cars (-7.1%), petroleum products (-47.7%), wireless communication devices (-23.1%), and auto parts (-31.8%). The decline in performance has since worsened.

By country, major nations such as China (-17%), the United States (-17.5%), the European Union (EU, -32.6%), Vietnam (-39.5%), Japan (-20%), Hong Kong (-27%), and the Middle East (-10.3%) all recorded negative growth. This decline was also steeper than that from the 1st to the 10th. During the 1st to the 10th, the figures were China (-10.2%), the US (-3.4%), EU (-20.1%), Vietnam (-25.1%), Japan (-7.0%), Latin America (-51.2%), and the Middle East (-1.2%).

Due to trade stagnation caused by COVID-19, imports also decreased. Imports from the 1st to the 20th totaled 25.2 billion dollars, down 18.6% (5.75 billion dollars) from the same period last year.

Information and communication devices (6.5%) and passenger cars (15.8%) increased, but crude oil (-50.1%), machinery (-11.8%), and coal (-40.2%) decreased.

Imports from Singapore increased by 2.4%, but those from China (-3.5%), the US (-13.2%), the EU (-12.4%), Japan (-16.4%), and the Middle East (-51%) decreased.

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