South Korea posts trade surplus for seventh month

South Korea recorded a trade surplus of $1.67 billion 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 while imports shrank 32.2 percent to $27.41 billion.

The country in July achieved a revised surplus of $4.41 billion, 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 exports and imports to start growing (year-on year) from November," it added in a statement.

AFP