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Korea export volume drops 15 percent in May

Christian Fernsby |
South Korea's export volume dropped in double figures in May owing to an economic fallout from the coronavirus outbreak, central bank data showed Friday.

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Topics: KOREA   

The export volume tumbled 15 percent in May from a year earlier, after sliding 13.2 percent in the previous month, according to the Bank of Korea (BOK).

It marked the biggest monthly fall since January 2009 as global trade was weakened by the coronavirus pandemic.

Export volume for coal and oil products plunged 26.7 percent in May from a year earlier, marking the fastest decline since June 2004.

Those for transport equipment and textiles nosedived 57.6 percent and 42.4 percent each, posting the biggest-ever reduction.

Export volume for processed metal products and machinery also slipped in double digits last month.

In terms of value, the outbound shipment dived 25.1 percent in May from a year earlier, logging the fastest reduction since May 2009.

Import volume fell 1.1 percent in May from a year earlier. In terms of value, the import plummeted 20.8 percent on lower global crude oil price.