South Korea's exports suffer worst slump in 11 years as pandemic shatters world trade
The coronavirus crisis sent South Korean exports plungingSEOUL: The coronavirus crisis sent South Korean exports plunging in April at their sharpest pace since the global financial crisis, signalling a bleak outlook for international trade as the pandemic paralyses the world economy and shatters demand. The average exports per working day, excluding the calendar effect, however, tumbled 17.4%, far worse than a 6.9% fall seen in March. “May will be extremely difficult for South Korea’s exports. ‘DREADFUL YEAR’More than 3.21 million people have been infected across the world, according to a Reuters tally, with nationwide infections in South Korea surpassing 10,700. The virus pushed the South Korea’s economy into its biggest contraction since 2008 in the first quarter, while the business outlook slumped to the worst on record.
Source: The Express Tribune May 01, 2020 05:14 UTC
