South Korea posted a 54th consecutive trade surplus in July as a sharp decline in imports outpaced a fall in exports amid contracted demand at home and abroad, customs data showed Tuesday.
The country's trade surplus came to US$7.6 billion last month, plunging from a record $11.4 billion in the previous month, according to the data from the Korea Customs Service.
The figure also marked a 7.8% on-year rise from $7.05 billion tallied in the same month a year earlier, extending its bullish streak to 54 straight months since February 2012. The consecutive monthly trade surplus came as a protracted economic slowdown dragged down imports at a faster pace than exports.
Exports fell 10.3% on-year to $41 billion last month, while imports retreated 13.6% to $33.4 billion. Due mainly to waning demand from emerging countries and a slowdown in China, the country's exports have fallen every single month since the start of 2015.
They touched a 19.1% on-year plunge in January this year, the largest decline since August 2009, but have continuously slowed down to mark a 2.7% drop in June on the back of rising oil prices.
But they widened again to 10.3% in July due largely to decreased working days and a fall in vessel shipments. At the same time, the country's inbound shipments also saw contractions for 22 straight months.
GMT 10:55 2017 Monday ,01 May
Qatar's Foreign Merchandise Trade Surplus Registers QR 9.9 billion in March 2017GMT 03:35 2017 Saturday ,22 April
South Korea complains to WTO over China's response to THAADGMT 19:28 2017 Tuesday ,11 April
S. Korea, China, Japan to Hold New Round of Free Trade TalksGMT 18:37 2017 Tuesday ,11 April
Auto Sales in S. Korea Hits 14-Year High in Q1GMT 11:10 2017 Friday ,07 April
France clears sale of STX shipyard to Italy's FincantieriMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor