World Economy

S. Korea Exports Down

S. Korea Exports DownS. Korea Exports Down

South Korea’s exports shrank in July for a seventh straight month due to sluggish global demand and low oil prices, government data showed Saturday, AFP reported. Exports fell 3.3% from a year earlier to $46.61 billion in July, while imports plunged 15.3% to $38.85 billion, South Korea’s Ministry of Trade, Industries and Energy said. Car exports fell 6.2% on-year to $3.99 billion, while shipments of mobile communication devices including cellphones plunged 16% to $2.15 billion, it said. South Korean shipments to China shrank 6.4% from a year earlier, it said. The country’s trade surplus narrowed to $7.76 billion in July from the previous month’s $9.98 billion. The trade balance has been in the black since February 2012.