By Jihoon Lee
SEOUL (Reuters) -South Korea’s exports fell more than expected in July and at the steepest pace in more than three years, trade data showed on Tuesday.
Overseas sales by Asia’s fourth-largest economy fell 16.5% year-on-year to $50.33 billion in July, compared with a 6.0% drop in June and a 14.5% drop tipped in a Reuters survey of economists.
It was the biggest percentage drop since May 2020 and the 10th consecutive month exports fell in annual terms, the longest period since January 2020.
The July fall was due to a sluggish semiconductor industry, weaker oil prices and a high base, the trade ministry said.
The data showed exports of semiconductors dropped 34%, worsening from a 28% loss the previous month and marking the 12th straight month of decline for the sector. Petroleum product exports slid 25%, while automobiles gained 15%.
Imports fell 25.4% to $48.71 billion, also steeper than the previous month’s 11.7% fall. Economists had expected a 24.6% decline.
That left South Korea’s trade surplus at $1.63 billion for July, wider than $1.13 billion in June.
(Reporting by Jihoon Lee; Editing by Ed Davies, Jamie Freed and Tom Hogue)
