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South Korea’s exports fall 3.4% in July from 2015 due to soft global demand

South Korea’s exports fall 3.4% in July from 2015 due to soft global demand

SEOUL: South Korea’s exports fell 3.4 percent in July from a year earlier, keeping a downward trend for seven straight months, due to soft global demand, customs data showed Thursday.

Revised figure for exports, which account for about half of the economy, dipped to 46.6 billion U.S. dollars in July from 48.2 billion dollars a year earlier, according to Korea Customs Service.

Imports plunged 15.3 percent from a year earlier to 38.8 billion dollars in July. The imports declined at a faster pace than the exports, sending the trade surplus in July to 7.7 billion dollars.

Global demand remained weak for locally-made products. Exports to China, South Korea’s largest trading partner, slumped 6.4 percent, with those to the European Union (EU) sliding 5.7 percent.

Exports to Latin America and the Middle East tumbled 16.6 percent and 18.6 percent each, with those to Japan sinking 28.1 percent last month.

Shipments of semiconductors and ships increased 6.3 percent and 58.2 percent respectively, but those in cars and oil products reduced 6.3 percent and 28.4 percent each.