South Korea's exports fell for the tenth consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for two straight months, the industry ministry said Tuesday.
Outbound shipments fell 16.5 percent on-year to US$50.33 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.
The decline came as exports of semiconductors, the country's key export item, sank 34 percent on falling demand and a drop in chip prices.
Imports fell 25.4 percent on-year to $48.71 billion in July, as energy imports retreated 47 percent on-year, the ministry said. South Korea depends on imports for most of its energy needs.
Accordingly, the country logged a trade surplus of $1.63 billion in July, the second straight gain.
In June, the country reported a trade surplus for the first time in 16 months, after it had suffered the longest ever shortfall since 1997 from March 2022 through May 2023 on high energy prices.
Source: Yonhap News Agency