South Korea exports fall less than expected in August

Cranes are seen at Pyeongtaek port in Pyeongtaek, South Korea, July 9, 2020. REUTERS/Kim Hong-Ji

SEOUL  – South Korea’s export decline softened in August, beating market expectations, trade data showed on Friday.

Overseas sales by Asia’s fourth-largest economy fell 8.4 percent year-on-year to $51.87 billion in August, compared with a 16.4 percent drop in July and less than the forecast for an 11.6 percent decline in a Reuters survey of economists.

It was the 11th consecutive month exports fell on an annual basis, the longest period since January 2020.

Imports fell 22.8 percent to $51 billion, after a 25.4-percent drop the month before. Economists had expected a 23.2 percent decline.

As a result, the country posted a trade surplus of $0.87 billion in August, narrower than a $1.65 billion surplus in July.