Korea posts trade surplus for second month in row in July

Industry

Published: 01 Aug. 2023, 09:57 Updated: 01 Aug. 2023, 10:23

Korea posts trade surplus for second month in row in July

Containers stacked up at a port in Busan on Feb. 26 [YONHAP]

Korea posted a trade surplus for the second month in a row in July while exports fell 16.5 percent on year.

Exports last month fell to $50.33 billion on imports that dwindled 25.4 percent to $48.71 billion in the same period, according to the Ministry of Trade, Industry and Energy on Tuesday.

The trade balance in July stood at $1.63 billion.

Weak chip sector, fall in prices of petroleum products and petrochemicals due to the deceleration of oil prices and the base effect of record exports in July last year attributed to sluggish exports, the ministry said.

Exports of petroleum products plunged 42 percent on year, followed by semiconductors that fell 34 percent, petrochemicals by 25 percent and steel by 10 percent. Exports of automobiles rose 15 percent and general machinery up 3 percent.

Gas imports dropped 51 percent, followed by crude oil that fell 46 percent and coal that plunged by 46 percent on year.

BY JIN MIN-JI [jin.minji@joongang.co.kr]