South Korea’s August 1-10 exports dive as shipments to major trading partners drop

FILE PHOTO: Cranes and shipping containers are seen at Pyeongtaek port in Pyeongtaek

SEOUL (Reuters) – South Korean exports suffered a major decline in the first 10 days of August, as the coronavirus crisis continued to knock demand at its trading partners, the United States, Europe and China.

Exports contracted 23.6% from a year earlier in the period, while imports declined 24.3%, data from the Korea Customs Service showed on Tuesday.

Overseas sales to China, its biggest trading partner, dropped 11.3% while that to the United States and Europe contracted sharply by 22.3% and 13.9%, respectively.

Full month trade data for August will be released on September 1.

(Reporting by Cynthia Kim; Editing by Jacqueline Wong)

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