South Korea exports shrink

SEOUL: South Korean exports slumped more than expected in June, extending the double-digit contraction into a third month, as the coronavirus pandemic and lockdown measures continued to dent global demand.

Outbound shipments fell 10.9% yearon-year in June, trade ministry data showed yesterday, much better than a 23.6% plunge in the previous month but worse than a 7.8% drop tipped in a Reuters survey.

Average exports per working day, excluding the calendar effect, fell 18.5%, compared with an 18.3% decline seen in May. There were two more working days in June from the comparable month of 2019.