Big Businesses' Overseas Sales Plunge Due to Coronavirus

  • By Shin Eun-jin

    September 08, 2020 09:52

    Korea's top 100 businesses saw their overseas sales plunge about 20 percent in the second quarter of this year due to the coronavirus epidemic.

    The Federation of Korean Industries said on Monday the companies' combined overseas sales stood at W146 trillion during the period, down 19.8 percent on-year (US$1=W1,188).

    Their sales rose 0.65 percent to W170.4 trillion in the first quarter of this year when the epidemic was still limited to some Asian countries.

    But Korea's three key industries -- electrical and electronics, automobiles and auto parts, and energy and chemicals -- were hit hard in the second quarter due to low demand, factory closures and plunging oil prices as the epidemic turned into a pandemic.

    By region, sales in Asia dropped 24 percent, followed by the Americas with 12.6 percent and Europe with 11.2 percent.

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