May 15, 2020

South Korea Posts Trade Deficit For First Time In 99 Months

Customs office data on Friday (May 15) showed that South Korea had its first trade deficit in 99 months because of a larger decline in exports than imports.

The Korea Customs Service said the trade deficit reached $ 1.39 billion in April, the first deficit in 99 months.

Exports accounted for about half of the export-led economy, which fell 25.1% year-on-year in April to US $ 36.55 billion, while imports fell 15.8% to US $ 37.94 billion.

The decline in exports was attributed to cheap crude oil and the economic impact of the global Covid-19 outbreak. The average daily export fell by 18.3% last month.



source: https://www.thestar.com.my/news/regional/2020/05/15/skorea-posts-trade-deficit-for-first-time-in-99-months

Leave a Reply

%d bloggers like this: