Economics
South Korea’s Exports Slump Again as Pandemic Drags On
- Overseas shipments posted another double-digit drop in May
- Exports to China fall 2.8%, while those to U.S., EU plunged
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South Korea’s exports posted another double-digit decline in May in a sign of continuing pain from the coronavirus pandemic with the auto sector among the worst hit.
Overseas shipments fell 24% from a year earlier, the trade ministry said Monday, slightly less than economists forecast. Shipments to China held up with just a 2.8% decline, while those to the U.S. and the European Union plummeted.