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Exports fall 24% in first 10 days of August

(Yonhap)
(Yonhap)

South Korea's exports fell 24 percent on-year in the first 10 days of August amid the fallout from the new coronavirus outbreak, customs data showed Tuesday.

The country's outbound shipments stood at $8.7 billion from Aug. 1-10, down from $11.4 billion during the same period of last year, the Korea Customs Service said in a statement.

The daily average exports during the 10-day period declined 13 percent on-year to $1.25 billion from $1.43 billion, it said.

The pandemic has disrupted trade and production around the globe this year, with more than 180 countries and territories maintaining entry restrictions amid virus fears.

By segment, exports of semiconductors, a key item, fell 6.8 percent, and shipments of petrochemical products and wireless telecommunications equipment plunged 46 percent and 44 percent, respectively, in the first 10 days, compared to a year earlier, the customs office said.

By country, shipments to China and the United States -- the country's top two trading partners -- dropped 11 percent and 22 percent, respectively, during the same period, it said.

Exports by Asia's fourth-biggest economy declined for the fifth consecutive month in July due to the growing economic fallout from the COVID-19 pandemic.

Imports in the 10-day period also declined 24 percent to $10.6 billion from $14 billion a year ago, the statement said. (Yonhap)
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