S. Korea's June 1-10 exports jump 20% on more working days

SEJONG -- South Korea's exports soared in the first 10 days of June from a year earlier, mainly due to a calendar effect but raised hopes for a recovery in global trade as more nations eased coronavirus lockdown measures.

The country's outbound shipments jumped 20.2 percent to $12.3 billion in the June 1-10 period from the same period last year, according to the data from the Korea Customs Service.

The daily average exports during the 10-day period, however, fell 9.8 percent on-year. Compared with the same period last year, there were two more working days this year.

In comparison, the daily average exports during the May 1-10 period slipped 30.2 percent on year.

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

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, soared 22.6 percent, and those of wireless equipment jumped 35.8 percent over the 10-day period from a year earlier.  

By country, shipments to China jumped 35.7 percent on-year, while shipments to the United States rose 15.1 percent.

South Korea's imports in the 10-day period rose 8.5 percent on year to $13.6 billion, according to the data.

Exports dropped for the third consecutive month in May due to the growing economic fallout from the pandemic.

Outbound shipments dove 23.7 percent to $34.8 billion last month, compared with $45.7 billion posted a year earlier.

The Organization for Economic Cooperation and Development (OECD) 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 due to the pandemic.

The world economy is expected to contract 6 percent this year, the OECD said. (Yonhap)