Economics
Korea’s Export Plunge Sends Chilling Warning on Global Trade
- Overseas shipments drop most since global financial crisis
- Virus containment at home won’t shield economy from global hit
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South Korea’s exports fell in April by the most since the global financial crisis, offering an early indication of how the coronavirus pandemic is slamming world trade.
The value of overseas shipments dropped 24% from a year earlier, the trade ministry said Friday, led by sharp falls in exports of ship, cars and auto parts, semiconductors and oil products. The export slide was the biggest since May 2009 and contributed to the first trade deficit since January 2012.