South Korea's May exports sink by 46pc to US$6.9bSouth Korea's exports sank 46.3 percent on-year in the first 10 days of May amid the shock from the coronavirus pandemic, customs data showed today. The data came amid growing concerns that the coronavirus pandemic is denting exports from Asia's fourth-largest economy. South Korea's imports in the 10-day period also suffered, dropping 37.2 percent to US$9.6 billion, according to the data. South Korea suffered a trade deficit of US$950 million in April, snapping its 98 straight months of having more exports than imports. 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 over the pandemic.

Source: The Standard May 11, 2020 03:00 UTC