SEOUL: South Korea’s exports and imports reduced for eight straight months in August on the back of weak global demand for trade and cheap crude oil, an official report said on Tuesday.
Exports, which account for about half of the economy, tumbled 14.7 percent from a year earlier to $39.33 billion in August, according to South Korea’s ministry of trade, industry and energy, Xinhua reported. It was the largest monthly decline since August 2009 when exports plunged 20.9 percent.
Imports shrank 18.3 percent from a year earlier to $34.98 billion, keeping a downward trend for the eighth consecutive month. Trade surplus was $4.35 billion in August, staying in black for 43 months in a row since February 2012.