South Korea posts trade surplus for 54 months

South Korea posted trade surplus for 54 months in a row thanks to faster fall in imports than exports, customs data showed on Tuesday.

Revised figure for trade surplus was 7.6 billion U.S. dollars in July, keeping a surplus trend since February 2012, according to the Korea Customs Service (KCS).

Exports, which account for about half of the economy, declined 10.3 percent from a year earlier to 41 billion dollars, while imports tumbled 13.6 percent to 33.4 billion dollars.

Shipments of computers and peripherals surged 48.6 percent last month, but other major export items posted a decline.

Exports of semiconductors, cars and oil products reduced 2.7 percent, 12.7 percent and 10.4 percent respectively, with those for ships, auto parts and display panels sliding 43.1 percent, 10.7 percent and 26.5 percent respectively.

Exports to China and the United States, South Korea's top two trading partners, retreated 9.4 percent and 14.4 percent each, with those to the European Union and Latin American countries dipping 4.3 percent and 16.3 percent respectively.

Crude oil imports plunged 26.2 percent on lower global oil prices, with imports of steels, minerals and natural gas dropping 15.6 percent, 16.6 percent and 39.2 percent respectively.

For the first seven months of this year, trade surplus reached 56.5 billion dollars. Exports slumped 10.1 percent from a year earlier to 282.6 billion dollars during the January-July period, with imports sliding 13.4 percent to 226.1 billion dollars.

Source : XINHUA