SOKOR OCTOBER 2020 EXPORTS DOWN 3.6% COMPARED TO OCTOBER 2019

South Korea's outbound shipments dipped 3.6 percent in October from a year earlier on fewer working days and virus resurgence, snapping the previous month's brief rebound, data showed, Kang Yoon-sung reported for Yonhap News Agency.

Outbound shipments came to US$44.9 billion last month, compared to $46.6 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports moved down 5.8 percent to $39 billion, resulting in a trade surplus of $5.9 billion. 

The latest figure roughly falls in line with market expectations. According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country's October exports were expected to have decreased 3.12 percent on-year.The ministry attributed the decrease to the fewer number of working days in the month. 

"Segments which suffered from the pandemic, such as displays, electronics, steel and auto parts, are slowly recovering, giving a positive signal on the recovery of exports down the road," Industry Minister Sung Yun-mo said in a statement. But global trade is anticipated to face more jitters from the virus pandemic, which will result in weaker business sentiment and trade.