June 10, 2020 11:46
The top 100 companies' overseas sales in this year's first quarter declined 10.4 percent on-quarter, according to the Federation of Korean Industries on Tuesday.
The FKI attributed the drop chiefly to the suspension of business and production of Korean firms in China as a result of the coronavirus epidemic.
Nearly all businesses except banks and insurance companies posted plunging overseas sales. Automakers reported a 14.3 percent decline and makers of electric and electronic appliances a 9 percent drop.
The 20 largest companies' sales fell 11.8 percent in China and other parts of Asia, 13 percent in Europe, and 5.4 percent in the Americas.
In China the top 5 players -- Samsung, Hyundai, LG, SK Hynix and Hyundai Mobis -- suffered a combined decline of a whopping 24.6 percent. Samsung posted a 14.9 percent fall and the automaker's China affiliate saw a 70 percent plunge. But sales of SK Hynix increased 7.9 percent.
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