Tuesday September 1, 03:23 AM
South Korea posts trade surplus for seventh month
SEOUL (AFP) - South Korea recorded a trade surplus of 1.67 billion dollars in August, the seventh straight month of surpluses, the Ministry of Knowledge Economy said Tuesday.
It said exports fell 20.6 percent year-on-year to 29.08 billion dollars while imports shrank 32.2 percent to 27.41 billion.
The country in July achieved a revised surplus of 4.41 billion dollars, with exports down 21.8 percent and imports falling 35.7 percent from a year earlier.
Exports and imports will probably return to a "normalised" track from September by posting month-on-month gains, the ministry said.
And "due mainly to a low-base effect, we foresee both exports and imports to start growing (year-on year) from November," it added in a statement.
The ministry said it expects the country to continue to post monthly trade surpluses of more than one billion dollars until the end of this year.
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