Korea's exports dip 7.5% in first 20 days of June

SEJONG -- South Korea's exports fell 7.5 percent on year in the first 20 days of June amid the fallout from the coronavirus pandemic, customs data showed Monday.

The nation's outbound shipments stood at $25 billion in the June 1-20 period, according to the data from the Korea Customs Service.

The daily average exports during the 20-day period also slipped 16.2 percent on-year.

The data came amid growing concerns that the coronavirus pandemic is denting exports by South Korea's economy.

The new coronavirus has disrupted trade and halted production around the globe, with a rising number of countries fully shutting their borders.

By segment, exports of memory chips, a key item, rose 2.6 percent, but those of automobiles plunged 36.7 percent over the 20-day period from a year earlier.

By country, shipments to China gained 14.5 percent on-year, while shipments to the United States fell 10 percent. 

Imports fell 12 percent on year to $24.5 billion in the June 1-20 period, according to the data. 

The nation's exports tumbled 23.7 percent on-year to $34.8 billion in May. 

So far this year, South Korea's exports and imports have fallen 10.9 percent and 8.9 percent on-year, respectively, the data showed.

The International Monetary Fund (IMF) has predicted that South Korea's economy will shrink 1.2 percent this year as the global economy is expected to have its worst year since the Great Depression of the 1930s.

The world economy is expected to contract 3 percent this year, the IMF said. (Yonhap)