[Breaking News] Last Month's Exports Down 24.3%... Trade Balance Deficit After 99 Months

[Asia Economy Reporter Kim Bo-kyung] Exports in the past month decreased by 24.3% compared to the previous year due to the impact of the novel coronavirus infection (COVID-19).

According to the Ministry of Trade, Industry and Energy on the 1st, exports in April recorded $36.92 billion, down 24.3% from the same period last year. Imports were $37.87 billion, down 15.9%. As a result, the trade balance showed a deficit (-$950 million) for the first time in 99 months.

Regarding this, the Ministry explained that the decline was due to a sharp drop in global demand caused by the full-scale spread of COVID-19, two fewer working days, and a reverse base effect. Exports in April last year recorded the highest level of the year.

They added, "The export slump due to COVID-19 is a global phenomenon," and "Exports in April are expected to be difficult for all major countries."

The trade deficit was analyzed as a temporary phenomenon caused by the COVID-19 situation. The Ministry said, "Our manufacturing industry is operating normally compared to major countries," and "A temporary trade deficit occurred because the rate of decrease in imports was lower than that of exports."

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