Korea's Exports Down by 26.9% in April 1 to 20

South Korea's exports are down by 26.9 percent on-year to US$21.7 billion during the first 20 days of April, according to the Korea Customs Service.

However, the average daily exports during the April 1 to 20 period is less severe, slipping to 16.8 percent on-year.

In terms of segments, exports of petrochemical goods were the worst hit, tumbling 53.5 percent during the 20-day period. Auto parts sank 49.8 percent, while automobiles declined by 28.5 percent. Meanwhile, memory chips fell 14.9 percent.

Traditionally, South Korea's top exports are integrated circuits at $104B, cars at $40.1B, refined petroleum at $32.6B, passenger and cargo ships at $24.4 B, and vehicle parts at $19.1 B.

By destination, exports to Vietnam suffered the most, dipping at 39.5 percent on-year. Those to the European Union, Japan, the United States, and China dropped by 32.6, 20, 17.5, and 17 percent, respectively.

In March, the country's exports fell on-year by 0.2 percent.

The pandemic also affected South Korea's imports, dropping 18.6 percent to $25.2 billion in the 20-day period.

South Korea's economy is expected to shrink 1.2 percent this year, according to the International Monetary Fund (IMF).

According to nine economic research institutes and investment banks, including Barclays, HSBC, and Standard Chartered, the economy's quarter-on-quarter degrowth will be at 1.5 percent.

They added that the economy experienced its lowest growth rate in 11 years and three months.

Korea Economic Research Institute's estimated the degrowth to be at 2.3 percent.

Meanwhile, the global economy is seen contracting by three percent this year, the IMF said.