South Korea's exports and its key industries are expected to face more hurdles due to the plummeting oil prices as a result of oversupply caused by the outbreak.
Within hours, the price of US crude oil dipped from $18 a barrel to minus $38 early Tuesday, with oil producers running out of storage space.
It went up to above $1 by around noon.
Gas prices across South Korea were sold at an average price of 1,113.7 per liter, which was 3.6 percent less from the previous day.
The price was nearly 20 percent down from the start of the year and expected to decline further.
Low oil prices often lead to a decline in export value, resulting to an overall decrease in exports.
Korea is already experiencing a decline in its exports of petrochemicals and petroleum products.
Analysts expect major oil refiners such as SK Innovation and S-Oil to go into negative terrain this quarter up to the next.
According to the Korea Customs Service, the country's outbound shipments from April 1 to 20 dipped 26.9 percent on-year to $21.7 billion.
The decline was greatly felt by exporters of petroleum products, which went down 53.5 percent.
Meanwhile, exports of auto parts and automobiles were also greatly affected, down by 49.8 and 28.5 percent, respectively.
Exports to the United States and China dropped by around 17 percent.
The central bank attributed the decline in on-month export prices in March to the price cuts of petroleum, chemical, and coal products.
The Bank of Korea noted that it was the 10th consecutive month of decline on-year.
Low oil prices are also expected to diminish construction orders from the Middle East, creating more setbacks to the country's construction firms.


South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure
Thailand Inflation Remains Negative for 10th Straight Month in January
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election




