S. Korea's Export Drops 23.7 Pct In May Over COVID-19

SEOUL, Jun 1 (UrduPoint / Pakistan Point News - 1st Jun, 2020 ) :South Korea's export dropped in double digits in May as global demand weakened amid the COVID-19 outbreak across the world, a government report showed Monday.

Export, which accounts for about half of the export-driven economy, amounted to 34.86 billion U.S. Dollars in May, down 23.7 percent from a year earlier, according to the country's Ministry of Trade, Industry and Energy.

The daily average export retreated 18.4 percent on a yearly basis.

The coronavirus pandemic damaged global demand for locally-made products, leading to the export's double-digit reduction for the second consecutive month. The export plunged 25.1 percent in April.

Import contracted 21.1 percent from a year earlier to 34.42 billion dollars in May on the back of lower global crude oil price. The import slumped 15.8 percent in April.

Trade balance recorded a surplus of 0.44 billion dollars in May, after posting a deficit of 1.39 billion dollars in April.