South Korea’s exports declined at the fastest pace since the global financial crisis in 2009, as [coronavirus][1], or covid-19, pandemic weighed on global demand, official data showed Friday.
Exports plunged 24.3 percent on a yearly basis in April, following a 0.7 percent fall in March, the trade ministry reported. This was the biggest fall since May 2009.
Shipments to major [markets][2], particularly China, the US and EU declined in April.
At the same time, imports fell 15.9 percent annually after rising 0.3 percent a month ago.
Consequently, the trade balance posted a deficit of $0.95 billion in April. This was the first shortfall in eight years.
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