South Korea Sees Sharp Fall in July Exports

staff
July 31, 2012 11:09 PM

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File photo of container ships being loaded in the southern port of Busan. South Korea's exports fell sharply in July compared to a year earlier, official figures showed Wednesday,

South Korea's exports fell sharply in July compared to a year earlier, official figures showed Wednesday, as the export-dominated economy grapples with the global economic downturn.

Exports in July dropped 8.8 percent year-on-year to $44.6 billion, while imports fell 5.5 percent to $41.9 billion, according to preliminary data from the Ministry of Knowledge Economy.

The balance was a trade surplus of $2.7 billion, the sixth consecutive month the country has posted a surplus.

In June exports increased 1.1 percent year-on-year while imports fell 5.5 percent to leave a revised $4.91 billion surplus.

AFP