SEOUL, Sept. 1 (Yonhap) — The Ministry of Trade, Industry and Energy reported on Friday that South Korea’s exports dropped for the 11th month in a row during August due to a lack of demand for semiconductors and petroleum products.
The total value of overseas shipments sank 8.4 percent year-on-year to $51.87 billion, with semiconductor exports decreasing 21 percent due to a slump in prices and orders. Exports of petroleum products also fell 35 percent compared to the same period last year.
Imports decreased 22.8 percent to $51 billion, with energy imports going down 42 percent as South Korea relies heavily on importing for its energy needs.
As a result, the country saw a trade surplus of $870 million in August, the third consecutive gain. In June, the nation recorded its first trade surplus in 16 months after the longest deficit since 1997, which lasted from March 2022 to May 2023, caused by high energy costs.
This file photo taken Aug. 1, 2023, shows a port in the southeastern city of Busan. (Yonhap)
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