Seoul: The corono virus pandemic, according to South Korea's top trade official, will stop South Korea's exports, which will have a profound impact on global supply chains. Korea's Trade, Industry and Energy Minister Soong Yun-mo said in an interview last week that "it will be harder than in 2008 when the world's mainly developed economies suffered a financial setback".
Sung said the export sector would face deep and long-lasting pain, but the re-construction of supply lines could also favour South Korea as companies look for a more secure source of parts. With exports to Korea seen as a barometer for global trade, Sung says economies around the world need relocation of the factory, taking a tough trade-off from Corona, which will present both risk and opportunity.
Exports are the backbone of South Korea's economy. Korea's overseas shipments have fallen the most since the financial crisis last month, resulting in the first trade deficit since 2012. For the first ten days of May, figures as of Monday showed South Korea's exports fell by about 30 percent.
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