South Korean exports tumbled in May for the third straight month, though at a slower pace, as extended global lockdown measures to contain the wider spread of the coronavirus weighed on worldwide demand.
FILE PHOTO: A container terminal is seen at Incheon port in Incheon, South Korea, May 26, 2016. REUTERS/Kim Hong-Ji
The average exports per working day, excluding the calendar effect, fell 18.4%, compared with a 18.3% fall seen in the previous month. “Exports will remain sluggish until the start of third quarter as global COVID-19 disruption and weak sentiment are expected to persist for sometime,” said Chang Jae-chul, an economist at KB Securities.
Monday’s data showed overseas sales of semiconductors, the nation’s top export item, rose 7.1% from a year earlier, but per-day exports of that jumped 14.5% on-year.
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