According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, the country's trade balance indicated a $2 billion surplus in August, the seventh consecutive month in which a trade surplus was registered.
However, the country's total export value in August fell by 6.2 percent year on year and was down 3.6 percent compared to June, declining to $43 billion.
The South Korean basic steel export value was $2.9 billion in the month in question, down 7.4 percent compared to August 2011, while its export value of automobiles in August fell by 21.7 percent year on year to $2.5 billion. The country's general machinery exports amounted to $3.3 billion, dropping by 3.8 percent year on year. On the other hand, South Korea's export value of ships in August fell by 34.2 percent year on year to $2.8 billion.
In the given month, exports to emerging economies such as China and the ASEAN region saw declines, while outbound shipments to developed countries including the United States and Japan also fell slightly.
Meanwhile, in August this year South Korea's imports fell 9.8 percent year on year, totaling $40.9 billion. Inbound shipments of raw materials declined 7.8 percent year on year. South Korean imports of capital goods and consumer goods also decreased, by 18.2 percent and 11.6 percent year on year, respectively.