SoKor’s May 1-20 exports drop, rate beats April figures

The first 20 days of May had seen a slump in South Korean exports. The country’s exports dropped a total of 20.3% from a year earlier as U.S.- and E.U.-bound shipments grew inactive, indicating that the coronavirus contagion dragged global demand.

However, the numbers came out better than the 27.6% decline in April. More so, economic analysts deemed that trade data may have fallen to its lowest level as the country’s trade partners lift quarantine restrictions.

“Exports look like they’re faring better than last month. It’s possible exports bottomed out in April,” said economist Chun Kyu-yeon at Hana Financial Investment.

Meanwhile, imports dropped 16.9%, way milder than the 18.5% record monitored a month earlier. The figures had resulted in a provisional trade deficiency of $2.68 billion for the current quarter, according to the data released by the Korea Customs Service on Thursday.