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(2nd LD) S. Korea's exports fall 7 pct in first 20 days of August

All News 09:26 August 21, 2020

(ATTN: ADDS details in para 4, last 3 paras)

SEJONG, Aug. 21 (Yonhap) -- South Korea's exports fell by a single digit from a year earlier in the first 20 days of August amid the economic fallout from the new coronavirus, customs data showed Friday.

The country's outbound shipments declined 7 percent in the Aug. 1-20 period from the same period last year, according to the data from the Korea Customs Service.

The nation's outbound shipments stood at US$23.1 billion in the Aug. 1-20 period, the data showed.

The daily average exports during the 20-day period also declined 3.7 percent.

The country's exports dropped for the fifth consecutive month in July due to the growing economic fallout from the pandemic. Outbound shipments declined 7 percent to $42.8 billion last month.

(2nd LD) S. Korea's exports fall 7 pct in first 20 days of August - 1

The coronavirus pandemic has disrupted trade and halted production around the globe, with a rising number of countries fully closing their borders.

By segment, exports of memory chips, a key item, rose 2.9 percent and those of automobiles declined 10.1 percent on-year in the 20-day period.

By country, shipments to China fell 0.2 percent on-year and shipments to the United States rose 6.2 percent.

South Korea's imports in the 20-day period slipped 12.8 percent on-year to $23.3 billion during the 20-day period, according to the data.

The Organization for Economic Cooperation and Development (OECD) 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 due to the pandemic.

The world economy is expected to contract 6 percent this year, the OECD said.


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