(MENAFN) South Korea's exports, which account for about half of the economy, declined 14.7 percent from a year earlier to USD39.3 billion in August, the most in six years due to the plunging global demand for locally-made goods.
Imports on the other hand was more affected shrinking 18.3 percent from a year earlier to USD34.9, resulting in a trade surplus at low USD4.35 billion in August, according to released data.
As both exports and imports declined, the trade volume reached USD650.7 billion for the first eight months of this year, a USD9 billion drop from the average trade volume during the corresponding period over the past four years.
Stumbling exports were mainly due weak demand from China, the lead trade partner of South Korea, let alone the ongoing Low crude oil prices which dragged down export prices for oil products.
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