Exports of goods from Japan to South Korea in May decreased by 18%

The volume of exports of goods from Japan to South Korea has reached the minimum mark over the past 11 years. It is reported by KBS with reference to representatives of the Korean International Trade Association (KITA). According to published data, in May 2020, exports of goods from Japan to South Korea decreased by 18%, to 329.3 billion yen (~ $3.06 billion), which is the lowest since February 2009. It is known that the import of food products decreased by 41.6%, raw materials by 48.9%, fossil fuels by 69.5%, chemical products by 27.9%, electronic equipment by 11.1%, transport equipment by 61.1%. Experts note that the main reasons for the decrease in the indicator are a decrease in demand in the conditions of the coronavirus pandemic, excessive supply of iron and petroleum products in the world market, as well as the introduction of export restrictions on the part of Japan and the boycott of Japanese goods by South Korean consumers.