S. Korea's exports plunge 7.5% on June 1 to 20

South Korea's exports fell 7.5 percent on-year in the first 20 days of June with automobiles plunging 36.7 percent and shipments to the United States falling 10 percent.

In contrast, exports of memory chips rose 2.6 percent, while shipments to China surged 14.5 percent.

The nation's outbound shipments stood at US$25 billion as imports dropped 12 percent on-year to $24.5 billion in the 20 days.

The average daily exports during the in the June 1-20 period also slipped 16.2 percent on-year.

This year, South Korea's exports and imports have so far fallen 10.9 percent and 8.9 percent on-year, respectively.

The International Monetary Fund predicts that South Korea's economy will shrink 1.2 percent this year as the world economy contracts 3 percent.