• S. Korea Posts Biggest Drop In Exports In 11 Years In April

Image: Yonhap News
Image: Yonhap News
South Korea's exports marked the sharpest decline in 11 years in April due to the COVID-19 pandemic.

According to the Bank of Korea, the nation's exports shrank 12.6 percent on-year last month.

It's the sharpest drop since January 2009 when the nation was reeling from the 2008 financial crisis.

The decline came after exports in February and March posted growth despite the spread of the coronavirus.

The latest data show that exports plunged after demand for imports fell as key economies shut their doors to the outside world.

Meanwhile, imports fell 1.5 percent during the same period, particularly for primary metal products as well as machinery and equipment.

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