S. Korea’s exports drop 12.8pc

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South Korea’s exports dropped 12.8 percent on-year in the first 20 days of July amid the economic fallout from the new coronavirus, customs data showed Tuesday. The nation’s outbound shipments stood at US$24.6 billion in the July 1-20 period, according to the data from the Korea Customs Service. The daily average exports during the 20-day period also declined 7.1 percent. 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, fell 1.7 percent and those of automobiles declined 14 percent over the 20-day period from a year earlier. By country, shipments to China fell 0.8 percent on-year and exports to the United States declined 2.4 percent. South Korea’s imports in the 20-day period slipped 13.7 percent on year to $24.8 billion, according to the data –APP

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