S.Korea posts trade deficit for first time in 99 months

SEOUL (Xinhua): South Korea posted a trade deficit for the first time in 99 months due to a faster fall in export than import, customs office data showed Friday (May 15).

Trade deficit amounted to US$1.39 billion in April, marking the first deficit in 99 months, according to Korea Customs Service.

Export, which takes up about half of the export-driven economy, tumbled 25.1 per cent over the year to US$36.55 billion in April, while import declined 15.8 per cent to US$37.94 billion.

The export fall was ascribed to cheaper crude oil and an economic fallout from the Covid-19 outbreak across the world. The daily average export retreated 18.3 per cent last month.

Oil product export plunged 56.2 per cent in April from a year earlier, and those for semiconductors, cars, auto parts, consumer electronics and mobile phones contracted in double figures.

Exports to China and the United States, South Korea's top two trading partners, diminished 17.9 per cent and 13.5 per cent each last month, and those to the European Union, Vietnam, Japan and the Middle East all reduced in double digits. - Xinhua

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