South Korea's exports and its key industries are expected to face more hurdles due to the plummeting oil prices as a result of oversupply caused by the outbreak.
Within hours, the price of US crude oil dipped from $18 a barrel to minus $38 early Tuesday, with oil producers running out of storage space.
It went up to above $1 by around noon.
Gas prices across South Korea were sold at an average price of 1,113.7 per liter, which was 3.6 percent less from the previous day.
The price was nearly 20 percent down from the start of the year and expected to decline further.
Low oil prices often lead to a decline in export value, resulting to an overall decrease in exports.
Korea is already experiencing a decline in its exports of petrochemicals and petroleum products.
Analysts expect major oil refiners such as SK Innovation and S-Oil to go into negative terrain this quarter up to the next.
According to the Korea Customs Service, the country's outbound shipments from April 1 to 20 dipped 26.9 percent on-year to $21.7 billion.
The decline was greatly felt by exporters of petroleum products, which went down 53.5 percent.
Meanwhile, exports of auto parts and automobiles were also greatly affected, down by 49.8 and 28.5 percent, respectively.
Exports to the United States and China dropped by around 17 percent.
The central bank attributed the decline in on-month export prices in March to the price cuts of petroleum, chemical, and coal products.
The Bank of Korea noted that it was the 10th consecutive month of decline on-year.
Low oil prices are also expected to diminish construction orders from the Middle East, creating more setbacks to the country's construction firms.


U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady




