(MENAFN) South Korea's exports fell for seven months due to soft global demand and low export price, caused by cheaper oil and oversupply, a government report showed.
Exports, which account for about half of the economy, declined 3.3 percent from a year earlier to USD46.61 billion in July, posting the downward trend for seven straight months.
The outbound shipments reduced at a faster pace from 0.9 percent in January to 8.0 percent in April. The sliding pace peaked at 10.9 percent in May before decelerating to 1.8 percent in June.
In terms of volume, the July exports increased 7.8 percent on a yearly basis after gaining 10.8 percent in June, but lower export prices and oversupply led to a decline in exports value, the ministry said.
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