(2nd LD) S. Korea's exports drop 18.6 pct in first 10 days of April amid virus fallout
(ATTN: ADDS details in last 5 paras)
SEOUL, April 13 (Yonhap) -- South Korea's exports fell sharply from a year earlier in the first 10 days of April amid the economic fallout from the new coronavirus, customs data showed Monday.
The country's outbound shipments came to US$12.2 billion in the April 1-10 period, down 18.6 percent from the same period a year earlier, according to the data from the Korea Customs Service.
The daily average exports during the cited period also slipped 18.6 percent on-year.
The data came amid growing concerns that the coronavirus pandemic is denting exports by South Korea.
The new coronavirus has disrupted trade and halted production around the globe, with a rising number of countries fully shutting down their borders.
By segment, exports of memory chips, a key item, fell 1.5 percent, and those of automobiles also declined 7.1 percent over the 10-day period from a year earlier.
By country, shipments to China dropped 10.2 percent on-year, while shipments to the United States fell 3.4 percent.
In the first 10 days of April, imports fell 13 percent on year to $14.6 billion, according to the data.
South Korea's trade ministry forecast in January that annual exports would rebound 3 percent this year on the back of the recovery of chips, compared with last year's 10 percent drop.
The coronavirus pandemic, however, has made the goal less feasible. The finance ministry said earlier the economy might contract in the first quarter of the year on weaker exports and private spending.
The South Korean economy grew 2 percent last year, the lowest in a decade, and had been expected to rebound to 2.3 percent growth this year.
The Bank of Korea trimmed its outlook for the economy in 2020 to 2.1 percent from the previous 2.3 percent prediction, with a further cut in its growth estimate likely in the coming months.
kdh@yna.co.kr
(END)
-
New Defense Minister Lee takes office, warns of 'stern' response to possible N.K. provocations
-
(LEAD) Yoon taps ex-deputy NSA for spy chief
-
Gov't to significantly increase international flights to meet travel demand
-
Psy returns to Billboard Hot 100 after 7 years with 'That That'
-
(URGENT) Yoon takes oath of office
-
Full text of President Yoon's inaugural address
-
(2nd LD) Yoon offers to revive N.K. economy with 'audacious plan'
-
S. Korea to send condolence delegation to UAE over death of president
-
Yoon names vice foreign, defense ministers
-
(3rd LD) Moon appeals for resumption of inter-Korean dialogue in farewell speech
-
S. Korean Navy SEAL-turned-YouTuber in Ukraine claims to be injured
-
N. Korea asks China for help in fight against COVID-19: source
-
Yoon offers unsparing COVID-19 aid to N. Korea
-
(LEAD) N. K. leader issues special order on medicine supply against epidemic: state media
-
(4th LD) N. Korea reports 15 new deaths amid COVID-19 outbreak