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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea posts sixth straight surplus AFP - Saturday, August 1 SEOUL (AFP) - - South Korea posted a trade surplus for a sixth consecutive month in July largely due to a sharp fall in imports, according to government data released on Saturday. ADVERTISEMENT The surplus in Asia's fourth largest economy was 5.14 billion dollars last month, the knowledge economy ministry said in a report based on customs data. Exports fell 20.1 percent year-on-year to 32.73 billion dollars in July and imports plunged 35.8 percent to 27.59 billion dollars, the report said. The country's trade account has been in the black since February. The central bank has reported that South Korea posted a record current account surplus of 21.75 billion dollars for the first half of the year to June. The ministry said shipments of most of the country's key export items such as cars, mobile handsets, textiles and semiconductors fell in July. Only ships and liquid crystal displays enjoyed a growth in exports. The sharp decrease in imports was largely due to a continued fall in the country's spending on crude oil, natural gas and other raw materials, it said. But an increase in imports of semiconductor manufacturing equipment and precision machinery parts was a "positive" sign for the economy, it added. Kang Myung-Soo, head of the ministry's export-import division, said there was uncertainty about oil prices and foreign exchange rates on top of global concerns about trade protectionism. "To counter such concerns the government plans to redouble its efforts to expand export insurance coverage and support overseas marketing efforts," Kang said, according to Yonhap news agency. He said the government expects the trade surplus to narrow in the second half and both exports and imports to pick up by November. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy SKorea posts sixth straight surplusAFP - Saturday, August 1 Taiwan, China oil firms to seek undersea reservesReuters - Saturday, August 1 Beijing Auto to buy 40 pct of Daimler van JV -paperReuters - Saturday, August 1 Recession end seen as US GDP drop narrows to 1.0 pctAFP - Saturday, August 1 Related Articles: Business Ormet may shut some aluminum production, cut jobsReuters - Saturday, August 1 Japan's Suntory says considering merger with KirinReuters - Saturday, August 1 KKR preparing up to six companies for IPOs-reportReuters - Saturday, August 1 U.S., UBS breakthrough averts tax dispute showdownReuters - Saturday, August 1 RPT-US STOCKS-S&P 500 sees best 5-month streak since 1938Reuters - Saturday, August 1 Enlarge Photo SKorea posts sixth straight surplus Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Comets probably won't cause the end of life as we know it: study Organic food not healthier, says British study Custody deal agreed for Jackson's children Beer flows as Obama tries to cool down a hot furor Madonna writes of her spiritual awakening View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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