South Korea’s trade surplus shrank in August from a month earlier as exports fell largely due to jittery external conditions and bad weather, the government said Saturday.
The country’s trade balance came to US$2.04 billion in the black last month, compared with a surplus of $2.75 billion in July, according to the Ministry of Knowledge Economy.
Exports dipped 6.2% on-year to $42.9 billion, with imports sliding 9.8% to $40.9 billion over the cited period, according to (Yonhap) news agency.
The August figures mark the seventh consecutive month the country has posted a trade surplus since January, when the country’s trade balance went into the red for the first time in 24 months.
The ministry cited deteriorating weather conditions including storms and persistent global uncertainties stemming from the eurozone debt crisis, which weighed down overall shipments, it said in a release.
The total trade turnover shed 0.9% on-year to $710.0 billion in the January-August period.
Shipments to major exporting countries saw a fall, including those to China and Europe, sliding 5.6% and 9.3%, respectively. Shipments to the United States also declined 2.1% on-year in August, with that of Japan dropping 9.6% in the same period, the ministry said.
Outbound shipments of vessels and wireless telecom equipments plunged 34.2% and 26.7% each, reflecting the slump of the shipyard industry is deepening from the impact of global economic doldrums.
In contrast, exports of LCD panels fared well, with an increase of 9% last month from a month earlier.