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Financial News: South Korea's Exports Fall At Fastest Pace Since

South Korea's Exports Fall At Fastest Pace Since 2009

05/01/2020 - 02:11:00 (RTTNews)

(RTTNews) - South Korea's exports declined at the fastest pace since the global financial crisis in 2009, as coronavirus, or covid-19, pandemic weighed on global demand, official data showed Friday.

Exports plunged 24.3 percent on a yearly basis in April, following a 0.7 percent fall in March, the trade ministry reported. This was the biggest fall since May 2009.

Shipments to major markets, particularly China, the US and EU declined in April.

At the same time, imports fell 15.9 percent annually after rising 0.3 percent a month ago.

Consequently, the trade balance posted a deficit of $0.95 billion in April. This was the first shortfall in eight years.

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