South Korea posted a trade surplus for a sixth consecutive month last month largely due to a sharp fall in imports, government data showed yesterday.
The surplus in Asia’s fourth largest economy was US$5.14 billion last month, the knowledge economy ministry said in a report based on customs data.
Exports fell 20.1 percent year-on-year to US$32.73 billion last month and imports plunged 35.8 percent to US$27.59 billion, the report said.
The country’s trade account has been in the black since February.
The central bank has reported that South Korea posted a record current account surplus of US$21.75 billion for the first half of the year to June.
The ministry said shipments of most of the country’s key export items such as cars, mobile handsets, textiles and semiconductors fell last month. Only ships and liquid crystal displays enjoyed a growth in exports.
The sharp decrease in imports was largely due to a continued fall in the country’s spending on crude oil, natural gas and other raw materials, it said.
But an increase in imports of semiconductor manufacturing equipment and precision machinery parts was a “positive” sign for the economy, it said.
Kang Myung-soo, head of the ministry’s export-import division, said there was uncertainty about oil prices and foreign exchange rates on top of global concerns about trade protectionism.
“To counter such concerns the government plans to redouble its efforts to expand export insurance coverage and support overseas marketing efforts,” Kang said, according to Yonhap news agency.
He said the government expects the trade surplus to narrow in the second half and both exports and imports to pick up by November.
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