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South Korea’s Exports Still in Decline as Global Lockdowns Underpin Demand

With external demand continuing to remain weak across most parts of the world on account of the coronavirus pandemic. During the first 20 days of May, exports from South Korea fell by 20.3% YoY, a slightly lesser rate of decline than the 27.6% decline seen during the same period last month.

Despite the disappointing figures, analysts are hopeful that the decline could be bottoming out and could soon start to improve as its key trading partners like the EU and the US start coming out of lockdown and resuming economic activity. On a slightly encouraging note, exports to China have recovered, registering only a 1.7% decline as China eased lockdowns and resumed operations of factories.

Exports to the US fell by 27.9% while those to the EU were down by 18.4% YoY between May 1 and May 20. Meanwhile, imports fell by 16.9% YoY during this period, against 18.5% last month.

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Arslan Butt
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Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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