Exports Plunge Again

  • By Choi Kyu-min

    November 02, 2020 12:44

    According to the Ministry of Trade, Industry and Energy on Sunday, exports in October were valued at US$44.98 billion, down 3.6 percent on-year and failing to continue the growth of 7.6 percent in September.

    But the decline was a result of statistical factors rather than actual downturn. Daily average exports reached $2.14 billion in October, up a healthy 5.6 percent on-year and better than the previous month's $2.09 billion. But there were two fewer days of factory operations in October than last year because of the Chuseok holiday so overall volume fell.

    In fact October marked the first time in 13 months that daily exports bounced back to the $2.1 billion level, with semiconductors and cars reaching the peak so far this year.

    But the outlook for the coming months is bleak considering fresh coronavirus lockdowns in Europe and elsewhere.

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