SEOUL, June 1 (Xinhua) -- South Korea's export posted a double-digit fall for two straight months through May as global demand weakened amid the COVID-19 outbreak across the world, a government report showed Monday.
Export, which accounts for about half of the export-driven economy, amounted to 34.86 billion U.S. dollars in May, down 23.7 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.
The outbound shipment dropped in double figures for two months in a row. In April, the export dived 25.1 percent.
The daily average export retreated 18.4 percent as the coronavirus pandemic roiled global demand for locally-made products.
The import contracted 21.1 percent from a year earlier to 34.42 billion dollars in May on the back of lower global crude oil price and slumped 15.8 percent in April.
Trade balance recorded a surplus of 440 million dollars in May, after posting a deficit of 1.39 billion dollars in April.
The ministry said the country's export is anticipated to rebound in accordance with the economic recovery of major economies given that South Korea's export fall in April and May did not stem from the country's structural problem such as the weakened export competitiveness.
It noted that South Korea's export to China is being improved as China's economic recovery was the fastest among major economies, forecasting that the country's shipment to the United States and the European Union (EU) would recover according to the easing of the COVID-19 fallout in these regions.
Export to China, South Korea's biggest trading partner, fell 2.8 percent in May from a year earlier after sliding 17.9 percent in the previous month, while its daily average shipment advanced 4.0 percent.
Exports to the United States and the EU plunged 29.3 percent and 25.0 percent each last month, with shipment to the Association of Southeast Asian Nations (ASEAN) skidding 30.2 percent.
Shipment to Japan, the Middle East, Latin America and India all plummeted in double digits in the month.
Export for automobiles, auto parts and textiles plunged in double digits last month as the products are sensitive to a business cycle. The ministry predicted a rebound of the products export in accordance with the recovery of major economies.
Oil product shipment plummeted 69.9 percent due to cheaper crude oil and weaker demand. Petrochemicals export sank 34.3 percent amid the supply glut.
Outbound shipment for general machinery, display panels, steel products, mobile phones and consumer electronics all declined in double figures last month amid the global economic slump.
However, semiconductor export advanced 7.1 percent in May from a year earlier, marking the first rebound in 18 months. It was attributable to robust demand for chips used for personal computers (PCs) and servers.
The daily average export for semiconductors jumped 14.5 percent last month.
Computer shipment soared 82.7 percent in May, continuing to grow for the eighth consecutive month.
Demand for computer remained strong as companies encouraged employees to work at home with laptops or PCs amid the fear over the COVID-19 spread, while solid state drive (SSD) shipment rose on an increased server capacity.
Ship export picked up 35.9 percent on demand for LNG carrier, containership and oil tanker, and biopharmaceutical shipment kept expanding for the ninth straight month on demand for locally-made testing kits and medical supplies relevant to the COVID-19. Enditem
