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.