KOREA'S EXPORT FIGURES PLUNGE DRAMATICALLY

[Anchor Lead]

With the global economy being at a standstill because of the coronavirus pandemic, Korea's exports have been found to have plunged nearly 27 percent on-year in the first 20 days of April. The nation's trade surplus, which has lasted for 98 consecutive months, is also jeopardized.

[Pkg]

According to the Korea Customs Service, the nation's exports in the first 20 days of April recorded around 21-point-7 billion dollars. A decrease of nearly 8 billion dollars, or 26-point-9 percent on-year. The average daily export amount recorded on operated days fell by 16-point-8 percent.

[Soundbite] (STAFF FROM EXPORTING COMPANY(VOICE ALTERED)) : "Things got tough after the distribution network began to close. Selling things online has limitations, especially in the U.S., where products are mostly sold in stores. But many of them are closing now."

The bigger problem is the level of decline in outbound shipments. After posting a surplus until March 20, exports began to contract. The decrease eventually surpassed 35 percent in the past ten days.

[Soundbite] KIM SO-YOUNG(PROF., SEOUL NATIONAL UNIVERSITY) : "Although the numbers of COVID-19 cases have been declining slightly in the U.S. and Europe, they are still quite high. The impact on exports is expected to last long."

Imports also shrunk nearly 20 percent mainly due to the dip in sectors like crude oil, coal and mechanical equipment. The plunge in exports resulted in a trade deficit of 3-point-5 billion dollars. Korea's trade surplus streak of 98 months could end if there are no improvements in the remaining ten days of the month. With the trade situation continuing to deteriorate, the government is looking for ways to provide additional support to exporting and importing corporations.