South Korea's exports were seen contracting at the sharpest pace in nearly 11 years in April as the coronavirus pandemic caused massive disruptions to global supply chains and economic activity, a poll showed on Tuesday.
SEOUL - South Korea’s exports were seen contracting at the sharpest pace in nearly 11 years in April as the coronavirus pandemic caused massive disruptions to global supply chains and economic activity, a poll showed on Tuesday.
“April exports are forecast to post a double-digit contraction from a year earlier due to fewer working days and sluggish sales to the United States and the European Union, hit by crippling demand from advanced economies,” said Chun Kyu-yeon, an economist at Hana Financial Investment. Economists worry that the lockdown in advanced economies and the struggle in labour markets will further weigh on regional demand.
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