(MENAFN) South Korea's energy import shrank in the second quarter as cheaper oil reduced costs of energy imports, customs released data showed.
Energy imports were valued at USD22.46 billion during the April-June period, down 34.9 percent from the same period of last year, according to the Korea Customs Service (KCS).
The ratio of energy imports to the total imports during the second quarter fell to 20.3 percent from 26.3 percent a year earlier.
The lower cost of energy imports came as global oil prices declined in the quarter. In terms of volume, imports of energy like crude oil, natural gas and coal increased 7.6 percent on a yearly basis.
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