South Korean exports in May tumbled 23.7 percent, extending their double-digit decline as the coronavirus pandemic remained a drag on global demand.

Outbound shipments plummeted 23.7 percent in May from the same period a year earlier to $34.86 billion, the Ministry of Trade, Industry and Energy said Monday.

The pace of decline was slightly slowed from April’s 25.1-percent decline. But average daily exports fell 18.4 percent, similar to the 18.3 percent contraction in the previous month.

Exports suffered as virus-driven lockdowns across the world hammered global demand.

Despite the overall slump, the global appetite for semiconductors, Korea’s chief export item, remained robust, with overseas sales up 7.1 percent year over year.

Demand for bio-health products also surged during the pandemic, with sales of diagnostic kits jumping 59.4 percent in May. Computer shipments shot up 82.7 percent as social distancing orders drove online activities worldwide. With many people sheltering at home, processed food products and vacuum cleaners also enjoyed a bounce in overseas sales, gaining 26.6 percent and 33.7 percent, respectively.

Imports in May dipped 21.1 percent to $34.42 billion, faster than the 15.8-percent drop in April due to a continued drop in global oil prices. This resulted in a trade surplus of $440 million, turning the trade balance back to the black. The country had snapped its 98-month surplus run in April with a deficit of $1.39 billion.

The Bank of Korea last week cut its benchmark rate by 25 basis points to a record low of 0.50 percent. It also projected Asia’s fourth-largest economy to shrink 0.2 percent this year, but warned the fall could deepen to 1.8 percent if the global outbreak does not plateau by the third quarter.

By Kim Hyo-jin

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]