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South Korea’s exports this year lost ground by the biggest scope among top 10 trade powerhouses, data showed on Sunday.

According to World Trade Organization (WTO), Korean overseas shipments contracted 6.9 percent to $181.5 billion in the first four months of 2019 compared to the same period a year ago – the steepest fall among the world’s top 10 export countries. After Korea - the seventh largest exporter in the world -, Germany saw its outbound shipments fall 6.4 percent

Japan mounting exports curb on Korea suffered 5.6 percent loss to $234 billion during the same period, falling to fifth rank from the previous fourth. The Netherlands went up to the fourth with exports of $236.4 billion, down 2.1 percent.

Exports of world’s eighth-largest exporter Italy also fell 5.2 percent while those of Hong Kong, the ninth-largest exporter 3.9 percent, and the United Kingdom, No. 10 exporter, 2.4 percent.

When counting in May shipments, Asia’s combined shipments fell sharper compared with a year-ago period. Korea led the pack with a loss of 7.4 percent, Japan 6.3 percent, and Hong Kong 4.3 percent.

No. 1 and No. 2 exporters gained until April despite their trade war.

Overseas shipments from China, the world’s largest exporter, amounted to $744.5 billion in the first four months of 2019, up 0.2 percent from the same period a year ago. U.S. exports gained 0.5 percent to $544 billion during the same period, data showed.

When counting in May, U.S. exports dropped against a year-ago period.

Global market research firm IHS Markit said in its recent report that “the escalating trade tensions between Japan and South Korea have added downside risks for the APEC trade outlook, even as the U.S.-China trade war and downturn in global electronics sector new orders have hit East Asian exports already.”

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