South Korea export data plunges most since 2009 financial crisis - Business Insider

worth $542 billion around the globe, roughly 2.8% of overall global exports estimated at $19 trillion for 2018. REUTERS/Jo Yong-Hak

A breakdown of the ministry's data showed that outbound sales to the Association of Southeast Asian Nations fell 32.9% to $5.7 billion on its top income earners including semiconductors, general machinery, displays, and petroleum products. Petrochemical exports fell 33.6% to $2.6 billion as a direct consequence of falling oil price and shutdowns in the automobile and home appliance industries.

Because South Korea's exports are heavily exposed to China and Japan — the world's second and third largest economies — it is considered to have strong predictive power as an economic indicator. In addition to being an early report, the South Korean export data is also considered a leading indicator for world trade, meaning it tends to augur what's happening in trade globally.Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please emailfrom Business Insider Intelligence on how COVID-19 is affecting industries.

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