South Korea's exports tumble in July

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IANS | 14 Aug, 2012
South Korea's exports tumbled 8.8 percent on-year to $44.64 billion in July, resulting in decrease in trade surplus for the month to $2.76 billion.

According to the report by the Korea Customs Service, the country's trade surplus reached $2.76 billion in July, up from a preliminary figure of $2.70 billion estimated earlier by the Ministry of Knowledge Economy.

The July reading was slightly revised up from the preliminary figure, but it was sharply down from a surplus of $4.65 billion a year earlier and a surplus of $4.91 billion the previous month, reported Xinhua.

Exports, which account for around half of the South Korean economy, tumbled 8.8 percent on-year to $44.64 billion in July, while imports retreated 5.4 percent to $41.88 billion over the same period.

The exports logged an on-year expansion of 1.1 percent in June after posting an on-year decline for three months to May, but the figure resumed its negative growth last month.