Korea’s exports dropped in July for the seventh straight month, with outbound shipments amounting to $46.6 billion for July.
The figure is 3.3. percent lower than for the same month last year, the Ministry of Trade, Industry and Energy announced Saturday. Imports also shrank 15.3 percent on the year, reaching only $38.8 billion for July.
Still, the nation’s trade surplus expanded to $7.76 billion because of reduced imports.
The trade surplus continues its run of 42 straight months, which began in February 2012.
The drop in exports is mainly due to cheaper global oil prices and an oversupply of goods on the world market. These factors pulled down the prices of Korean export items such as petroleum products and automobiles