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S. Korea's exports to face further headwinds amid pandemic: KITA

All News 11:00 May 07, 2020

SEOUL, May 7 (Yonhap) -- South Korea's exports are set to face further headwinds down the road amid the coronavirus pandemic, although the country fared better than most major countries in the first quarter of the year, a trade promotion agency said Thursday.

The country's exports moved down 1.4 percent in the first quarter of 2020 from a year earlier as the new coronavirus pandemic has dealt a harsh blow on global business activities, according to the Korea International Trade Association (KITA).

The performance was still better than other major nations, including the United States, whose exports slipped 3.1 percent over the period. Outbound shipments by China and Japan sank 13.4 percent and 5.4 percent, respectively, on-year in the January-March period.

S. Korea's exports to face further headwinds amid pandemic: KITA - 1

KITA said South Korea was able to perform better than other countries on the back of solid demand for its key export items, such as chips.

Asia's No. 4 economy, however, is expected to experience a bumpier road through June in sync with the soaring number of COVID-19 patients from major economies, such as the United States and the European Union, it added.

Exports plunged 24.3 percent in April from a year earlier due to a double whammy of the new coronavirus pandemic and falling oil prices, and the country suffered the first monthly trade deficit since 2012

"South Korean exports are set to remain in doldrums throughout the second quarter, and gradually recover along with eased economic situations in advanced nations," according to KITA.

Massive stimulus measures by major countries to revitalize their virus-hit economies will serve as an opportunity for South Korean exporters after the third quarter, particularly for consumer goods, KITA added.

colin@yna.co.kr
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